As the relative price paid to a resource in a particular use rises,
a. resources will be drawn from lower-valued uses to higher-valued uses
b. resources will be drawn from higher-valued uses to lower-valued uses
c. resources will generally remain where they are currently employed
d. the supply of that resource will shift to the right
e. the supply of that resource will shift to the left
A
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All of the following statements about the United States are true EXCEPT:
A) The largest imports are services like royalties, license fees, and financial services, and the largest exports are goods like crude oil, automobiles, and clothing. B) The United States is the world's largest international trader. C) The United States imports more than it exports. D) Services account for a larger portion of U.S. exports than U.S. imports. E) Imports are a larger percentage of total expenditure than exports are a percentage of total production.
The marginal cost of catching a fish is the same as the average total cost at your current level of 3,000 fish. If the price you receive for fish is greater than the marginal cost of the 3,000th fish, you should
a. add another boat to your fleet b. decrease production until MC = MR c. increase production until MC = MR d. stop production at 3,000th fish e. decrease production until the marginal cost of the next unit is enough to pay for the workers, bait, and fuel
Refer to the graph below. The slope of the line tangent to the curve at point B is:
A. 0.5
B. 3
C. 6
D. 2.0
In a graph that illustrates a perfectly competitive firm, the marginal revenue curve is
A) a diagonal line that lies below the firm's demand curve. B) a line that intersects the firm's demand curve from below at its lowest point. C) a line that intersects the firm's average total cost curve from below at its lowest point. D) the same as the firm's demand curve.