Suppose MRTS is not the same across all producers. In this case, the economic outcome is not fully efficient because: A) exchange is inefficient. B) the use of inputs in production is inefficient. C) the mix of outputs in inefficient. D) none of the above ANSWER B
Date: September 9th, 2020
Marginal revenue, graphically, is A) the slope of a line from the origin to a point on the total revenue curve. B) the slope of a line from the origin to the end of the total revenue curve. C) the slope of the total revenue curve at a given point. D) the vertical intercept of […]
Date: September 9th, 2020
Given the information in Figure 14.4, the monopsony wage rate is: A) W1. B) W2. C) W3. D) W4. E) none of the above ANSWER A
Date: September 9th, 2020
Which of the following is NOT a key component of every game? A) Strategies B) Players C) Payoffs D) Cooperation ANSWER D
Date: September 9th, 2020
Which of the following ideas were central to the conclusions drawn by Thomas Malthus in his 1798 “Essay on the Principle of Population”? A) Short-run time period B) Shortage of labor C) Law of diminishing resource availability D) Law of diminishing returns ANSWER D
Date: September 9th, 2020
Revenue is equal to A) price times quantity. B) price times quantity minus total cost. C) price times quantity minus average cost. D) price times quantity minus marginal cost. E) expenditure on production of output. ANSWER A
Date: September 9th, 2020
There are two independent dealers for Sporto automobiles in a large city. The dealers decide to run a cooperative advertising campaign in which both dealers are listed in local newspapers ads, and they can purchase larger ads that are more likely to attract attention and generate more auto sales if the dealers commit more funds […]
Date: September 9th, 2020
Common property resources tend to be A) overused. B) underused. C) not used at all. D) efficiently used. E) used by the government only. ANSWER A
Date: September 9th, 2020
The problem of adverse selection in insurance results in a situation in which A) people choose inappropriate or inadequate coverage because they do not understand the complex information in the policies. B) people choose too much coverage because they do not understand the complex information in the policies. C) people choose too little coverage because […]
Date: September 9th, 2020
Suppose MRS is not the same across all consumers. In this case, the economic outcome is not fully efficient because: A) exchange is inefficient. B) the use of inputs in production is inefficient. C) the mix of outputs in inefficient. D) none of the above ANSWER A
Date: September 9th, 2020
