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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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
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
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