Use the following table to answer this question, which provides information on the production of a product that requires one variable input.InputTotal Product00102002060030720408205090060980The marginal product of the 40th input item is
A. 100.
B. 10.
C. 20.5.
D. 80.
Answer: B
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Each of the following had a theory of profit except
A. Karl Marx. B. Joseph Schumpeter. C. Frank Knight. D. Pierre-Joseph Proudhon.
If an inefficient public monopoly cannot provide a service at a price that sufficient numbers of people are willing to pay it:
A. must shut down and leave the industry in the long run. B. can remain in operation by covering its losses with revenue from taxes. C. will seek out more efficiencies. D. should expand operations until demand is satisfied.
If MUx/Px < MUy/Py, then
A. spending a dollar less on X and a dollar more on Y increases utility. B. X is more expensive than Y. C. Y is more expensive than X. D. spending a dollar less on Y and a dollar more on X increases utility.
Producers have an incentive to produce those goods most desired by consumers at the lowest price in
A. a centrally planned economy. B. a communist economy. C. a market economy. D. All of the choices are true.