Minneapolis business Rogue Chocolatier sells specialty chocolate bars with a high cocoa content. Rogue can produce 15 chocolate bars per day with one employee, 35 with 2, 50 with 3 and 55 with 4 employees. Which statement is TRUE?
A) Rogue's marginal product curve initially increases and then decreases.
B) Rogue's marginal product curve decreases continually.
C) Rogue's total product curve increases at an increasing rate.
D) Rogue's marginal product curve decreases initially and then increases.
A
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The invention of the cotton gin ushered in the Industrial Revolution and began a long period of technological innovation. What did this technological change do the short-run supply curve?
A) It moved the economy down along a stationary short-run aggregate supply curve. B) It shifted the short-run aggregate supply curve to the right. C) It shifted the short-run aggregate supply curve to the left. D) It moved the economy up along a stationary short-run aggregate supply curve.
In Figure 3-7 above, the multiplier for a change in autonomous taxes is
A) 5. B) 4. C) 2.50. D) 1.
Which is NOT an example of signaling high quality in a social setting
a. wearing a business suit on a job interview b. leaving a big tip for the waiter after a dinner date c. offering a cheap engagement ring to your bride d. Visiting the beauty salon before a big date
Firms in perfect competition have no control over
a. all of the following b. where to operate on their average total cost curves c. what price to charge d. how many inputs to use e. how much to produce