What is an individual's marginal rate of substitution between nickels and dollar bills? Assume the individual only cares about the monetary value of each bundle
a. 5
b. 10
c. 20
d. 100
c
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When comparing perfect competition to a single-price monopoly with the same costs
A) both market types use resources efficiently. B) there is a deadweight loss associated with a monopoly. C) the sum of producer and consumer surplus is maximized under a monopoly. D) the sum of producer and consumer surplus is minimized under perfect competition.
In 2010, personal consumption expenditures constituted ________ percent of nominal GDP
A) 70.6 B) 17 C) 18 D) -5.4
Joey cuts lawns during the summer. Let q equal the number of acres mowed per day, and let L equal the number of hours worked per day
Joey never works more than eight hours per day, and during that time his short-run production function is q = 0.2 ? L. Which of the following statements is FALSE? A) Joey's marginal product equals his average product. B) Joey's marginal product diminishes by 0.2 for each additional hour worked. C) Joey's average product is constant. D) Joey's marginal product is constant.
In the above table, marginal product becomes negative when employing the
A. fourth worker. B. second worker. C. third worker. D. fifth worker.