According to Fogel and Engerman (1974), Northern farmers extensively utilized hired labor
Indicate whether the statement is true or false
False
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In the above figure, the minimum efficient scale of output is
A) 5,000 pounds of coffee. B) 10,000 pounds of coffee. C) 13,000 pounds of coffee. D) 15,000 pounds of coffee.
Total costs increase from $1,500 to $1,800 when a firm increases output from 40 to 50 units.. Which of the following are true?
a. AC rise by $1.00 b. AC fall by $1.50 c. AC rise by $1.50 d. AC fall by $1.00
To determine whether a good is considered normal or inferior, one could examine the value of the
a. income elasticity of demand for that good. b. price elasticity of demand for that good. c. price elasticity of supply for that good. d. cross-price elasticity of demand for that good.
If efficiency wages became more common,
a. both the long-run Phillips curve and the long-run aggregate supply curve would shift right. b. both the long-run Phillips curve and the long-run aggregate supply curve would shift left. c. the long-run Phillips curve would shift right, and the long-run aggregate supply curve would shift left. d. the long-run Phillips curve would shift left, and the long-run aggregate supply curve would shift right.