Productivity gains on southern cotton plantations were due to:
a. improved varieties of seeds.
b. use of the gang system.
c. longer work hours.
d. All of the above.
e. Both a and b are correct.
e. Both a and b are correct.
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If a perfectly competitive firm sells 10 units of output at a market price of $5 per unit, its marginal revenue per unit is:
a. $5. b. $50. c. more than $5 but less than $50. d. less than $5.
In order to avoid problems involved with calculating percentage changes over a wide range, economists use the base or midpoint formula to calculate percentage changes when measuring the price elasticity of demand
a. True b. False Indicate whether the statement is true or false
The Third World consists of _____
a. all communist countries b. the nations in the Southern Hemisphere c. all former British colonies d. all non-English-speaking countries e. all less-developed countries
When a firm is maximizing profit, it will necessarily be:
A. maximizing profit per unit of output. B. maximizing the difference between total revenue and total cost. C. minimizing total cost. D. maximizing total revenue.