A plant is located at the cost-minimizing location when the marginal benefit of moving closer to the inputs is ________ the marginal cost.
A) greater than
B) exactly double
C) equal to
D) less than
Answer is C) equal to
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Applying supply and demand analysis, other factors held constant, the steeper the supply curve (more inelastic), the larger the burden of a sales tax that is borne by the sellers
a. True b. False Indicate whether the statement is true or false
The fact that the United States has grown _______ per year for the last hundred years is ______________.
A. 1 %; alarming and needs to be altered B. 2 %; alarming and needs to be altered C. 2 %; impressive and hopefully will continue D. 3 %; impressive and hopefully will continue
The demand curve of a perfectly competitive firm is vertical
a. True b. False Indicate whether the statement is true or false
If Firm X is a competitive firm in the market for labor, it has little influence over the wage it pays its employees
a. True b. False Indicate whether the statement is true or false