Refer to Table 2-8. What is Wilma's opportunity cost of making a bench?
A) 1.3 statues B) 3 statues C) 1/3 of a statue D) 1/2 of a bench
Answer is B) 3 statues
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Refer to Figure 4-15. How much of the tax is paid by sellers?
A) $2 B) $5 C) $7 D) $12
MPP is the additional output that results from a one-unit increase in use of the input.
Answer the following statement true (T) or false (F)
Economies of scope exist when:
A. C(Q1) ? C(Q2) > C(Q1, Q2). B. C(Q1) ? C(Q2) < C(Q1, Q2). C. C(Q1) + C(Q2) > C(Q1, Q2). D. C(Q1) + C(Q2) < C(Q1, Q2).
Dynamic pricing used by companies such as Uber:
A. allows market prices to adjust in real time to changes in supply and demand. B. creates market prices that are consistently lower than those preset by firms or by law. C. has been declared illegal because it harms consumers. D. often results in shortages of desired products.