Razor handles and razor blades are examples of goods that are substitutes.
a. true
b. false
Ans: b. false
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Exhibit 7-14 Cost curves
In Exhibit 7-14, economies of scale only exist for output levels up to:
A. 1,000. B. 2,000. C. 3,000. D. 4,000.
The largest component of GDP is:
A. government purchases. B. net foreign factor income earned in the United States. C. gross private domestic investment. D. personal consumption expenditures.
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
When Airbnb customers in Malibu start paying hotel taxes, this will have the potential to ________ the equilibrium price in this market and, therefore, ________ efficiency
A) raise; increase B) raise; decrease C) lower; decrease D) lower; increase