Refer to Table 2-1. Assume Tomaso's Trattoria only produces pizzas and calzones. Tomaso faces ________ opportunity costs in the production of pizzas and calzones
A) decreasing B) constant C) increasing D) negative
B
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Output supply is more responsive to price in the short run than in the long run. ?
Answer the following statement true (T) or false (F)
Marginal revenue product falls as more labor is hired because
A) the price of the product must fall for a perfectly competitive firm to sell more. B) the marginal product of labor is negative as additional units of labor are hired. C) the wage rate rises as more workers work more hours. D) the marginal product of labor falls as a result of the law of diminishing returns.
The traders in the foreign exchange market need to interact personally while exchanging currencies
a. True b. False Indicate whether the statement is true or false
As long as a consumer remains on the same indifference curve,
a. she is indifferent to all points that lie on any other indifference curve. b. her preferences will not affect the marginal rate of substitution. c. she is unable to decide which bundle of goods to choose. d. she is indifferent among the points on that curve.