Points on the production possibilities frontier represent efficient levels of production
a. True
b. False
Indicate whether the statement is true or false
True
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Assets minus liabilities equals
A) implicit costs. B) accounting profit. C) economic profit. D) net worth.
A particular cable TV company requires a household to subscribe to its high-speed Internet service if it subscribes to cable TV, and vice versa. This practice
a. is referred to as tying. b. is regarded by some economists as a form of price discrimination. c. is controversial among economists because they disagree on whether it has adverse effects for society as a whole. d. All of the above are correct.
Assume there are only two goods in the economy, apples and bananas. In 2018, 1,400 apples were sold at $1 each and 8,500 bananas at $0.60 each. In 2019, the price of apples rose to $2 and the quantity rose to 2,400; the price of bananas rose to $0.80 and the quantity sold rose to 9,000.
What will be an ideal response?
Table 17.1Refer to Table 17.1. If the price of output is $2 per unit and we observe the firm hiring four workers, if the firm is maximizing profit, the wage rate must be between ________ and ________.
A. $40; $50 B. $50; $90 C. $80; $100 D. $320; $500