Which of the following is an example of a factor that a firm's owners and managers can control in making the firm successful?
A) the ability to produce the product at a lower cost
B) the number of competitors in the market
C) changing consumer tastes
D) a rise in the price of a key input, for example, a rise in the price of oil leads to higher energy costs
A
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Which of the following is not a characteristic of indifference curves?
A) Indifference curves cannot intersect. B) The closer to the origin, the greater the utility level. C) Indifference curves are usually bowed in, or convex. D) The slope of an indifference curve is negative.
Which one of the following topics would be of the most interest to a public choice economist?
A. The theory of comparative advantage. B. The law of increasing opportunity cost. C. Inflation and unemployment. D. Rent-seeking behavior.
Is there a union wage advantage?
What will be an ideal response?
Refer to the information below. The collective willingness of this nation to pay for the fourth unit of the public good is:
Answer the question on the basis of the following information is for public good. Pa and Pb represent the prices that citizens (a) and (b), the only two people in this nation, are willing to pay for additional units of a quantity (Qc) of the public good. Qs represents the quantity of the public good supplied by government at each of the collective prices.
A. $7
B. $6
C. $5
D. $3