Refer to Scenario 7.7 below to answer the question(s) that follow. SCENARIO 7.7: A lawn service company has the following production possibilities. With one, two, three, and four workers, the company can mow 4, 9, 12, and 14 lawns per day, respectively. Refer to Scenario 7.7. Diminishing returns to labor set in with the ________ worker.
A. first
B. second
C. third
D. fourth
Answer: C
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Collusion among oligopolists would generally be easiest to achieve in which of the following situations? a. very few producers, producing differentiated products
b. very few producers, producing homogeneous products. c. a larger number of producers, producing differentiated products. d. a larger number of producers, producing homogeneous products.
An increase in demand will: a. reduce total revenue
b. increase total revenue. c. increase total revenue only if supply is inelastic. d. increase total revenue only if supply is inelastic.
Refer to Figure 2.2. Which diagram best represents the effect of lower fertilizer prices on the market for corn?
A. A
B. B
C. C
D. D
When production increases, the average variable cost and average total cost curves:
A. cross. B. move closer together. C. become horizontal. D. spread farther apart.