Refer to Figure 4-1. If the market price is $1.00, what is the maximum number of burritos that Arnold will buy?
A) 1 B) 2 C) 3 D) 4
D
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If the production possibilities frontier between two goods is a straight line, then the
A) opportunity cost is not a ratio. B) resources are equally productive in both goods. C) line does not qualify as a production possibilities frontier because the unattainable production points are too close to the inefficient production points. D) Both answers A and C are correct. E) Both answers A and B are correct.
Why might a young, healthy person choose not to buy health insurance?
What will be an ideal response?
If a firm shuts down in the short run it will
A) break even. B) suffer a loss equal to its fixed costs. C) declare bankruptcy. D) suffer a loss equal to its variable costs.
An input's marginal revenue product is given by:
a. the input's marginal expense times marginal revenue. b. the input's marginal expense times the input's marginal physical productivity. c. marginal revenue times the number of units employed. d. the input's marginal physical productivity times marginal revenue of the firm's output.