Supply factors:
What will be an ideal response?
increases in the quantity and quality of natural resources, increases in the Quantity and quality of human resources, increases in the stock of capital goods, improvements in technology
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Knowledge workers are becoming more common relative to production workers
Indicate whether the statement is true or false
If a firm competing in a price-taker market seeks to maximize profit, the firm should
a. increase output whenever marginal cost is less than average total cost. b. increase output whenever marginal revenue is less than marginal cost. c. choose the output where per-unit profit is greatest. d. increase output whenever price exceeds marginal cost.
The law of diminishing marginal utility exists for the first four units of a good if they have marginal utilities of:
A. 1, 2, 4, 8. B. 8, 4, 1, 2. C. 4, 8, 2, 1. D. 8, 4, 2, 1.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, as the economy moves from Point A to Point E, the opportunity cost of motorcycles, measured in terms of hybrid cars
A. remains constant. B. decreases. C. initially increases, then decreases. D. increases.