Refer to the graph shown. If the firm maximizes profit, the marginal cost of its product will be:
A. $6.
B. $10.
C. $8.
D. $4.
Answer: D
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The world price of a good refers to the quantity of one good exchanged for a unit of another good.
Answer the following statement(s) true (T) or false (F)
Growth in human capital and physical capital often explains only half or less than half of the economic growth that occurs.
Select whether the statement is true or false. A. True B. False
Which of the following terms is used for workers with little experience and job training?
a. discouraged worker labor market b. efficiency wage labor market c. low-skilled labor market d. underemployment labor market
Refer to the information provided in Figure 12.4 below to answer the question(s) that follow.
Figure 12.4There are two sectors in the economy, X and Y, and both are in long-run, zero-profit equilibrium at the intersections of S0 and D0.Refer to Figure 12.4. Assume consumer preference changes toward X and away from Y. Ceteris paribus, the likely change in capital flow in sector X will cause the industry's short-run ________ curve to shift to the ________.
A. supply; right B. demand; left C. supply; left D. demand; right