It is always rational to acquire more information before making a decision
a. True
b. False
B
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Which of the following is the BEST example of a private good?
A) a can of Mountain Dew B) fish in the ocean C) cable television D) national defense
Which of the following events could cause an increase in the supply of ceiling fans?
a. The number of sellers of ceiling fans increases. b. There is an increase in the price of air conditioners, and consumers regard air conditioners and ceiling fans as substitutes. c. There is an increase in the price of the motor that powers ceiling fans. d. All of the above are correct.
Quantity Supplied
What will be an ideal response?
Refer to the following graph. The price of capital (r) is $20.
If, at the optimal combination of inputs for producing 14,000 units of output, the marginal product of capital is 40, what is the marginal product of labor?
A. 80 B. 60 C. 40 D. 27.7 E. impossible to tell from the graph