Which of the following is an accurate statement for a constant-cost industry?
a. The price of inputs often increases as outputs expands.
b. The price of inputs often drops as outputs expands.
c. Market input prices are often sensitive to the demands of individual firms.
d. The input demands of an individual firm often do not affect the market input prices.
d. The input demands of an individual firm often do not affect the market input prices.
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Kenya owns a lawn mowing company. His total product schedule is in the above table. When 4 workers are employed, the average product is ________ lawns mowed per week
A) 80 B) 25 C) 20 D) 5 E) 320
The Farm Factory, a booth at the local Farmer's Market, sells fresh eggs for $1.50 per dozen and fresh milk for $2.50 per gallon. What is the opportunity cost of buying a dozen eggs?
A) $1.50 B) $2.50 C) 1 2/3 gallons of milk D) 3/5 of a gallon of milk
Explain what a macroeconomic shock is, and give three examples of macroeconomic shocks to the U.S. economy in the past 10 years
What will be an ideal response?
Despite the fact that most votes have virtually no impact on the outcome of a vote, and knowing people incur opportunity costs to vote, we recognize that people vote for all of the following reasons except they:
A. get utility from participating in a civic event. B. altruistically decide to contribute to the democratic process by voting. C. feel pressure to fulfill their civic duty. D. are obligated legally to do so.