Cindy's Sweaters' production function is shown in the above table. Cindy rents two knitting machines for $30 a day each and hires workers at a wage rate of $40 a day. If Cindy produces 18 sweaters per day, what is her total cost?
A) $120
B) $140
C) $180
D) $60
C
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The fact that it takes time for government to identify and recognize a problem is one reason for the occurrence of
A) implementation lags. B) outside lags. C) inside lags. D) structural lags.
Around 1910, the ______________ changed everything, including what was inside the home to where the homes were located
a. Airplane b. Radio c. Automobile d. Television
The 1920s were characterized by large numbers of bank failures each year, especially among country banks. Country banks were particularly inclined to fail because:
a. they tended to open too many branches. b. they were not allowed to issue checking accounts. c. they were not allowed to join the Federal Reserve system. d. farm mortgages constituted the major portion of their loans. e. All of the above.
What is the effect on the consumer of a firm having a monopoly on a particular product the consumer needs?
a. The consumer will pay a lower price for the product because the company can only produce as many units as it can sell. b. The consumer will pay a lower price for the product because the company must price products well to keep competitors out of the market. c. The consumer will have to pay a higher price for the product because costs rise as competitors enter the market. d. The consumer will have to pay a higher price for the product than if there were competition for producers.