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1) Entrepreneurship differs from the other factors of production because it A) has only existed since the new economy of the 1990s. B) is the most important. C) is not paid. D) is not real. E) is not traded in a factor market.
2) A natural resource is renewable if it A) cannot be replaced once it has been used. B) can be used repeatedly. C) is available at a price of zero. D) never has to rest. E) has a perfectly elastic supply.
3) The supply of labor curve for nurses shifts if A) the value of marginal product of nurses decreases. B) the wage rate paid nurses increases. C) there is an increase in the time spent in nursing school. D) the marginal product of nurses decreases. E) the value of marginal product of nurses increases.
Based on Figure 1 (which summarizes the demand, marginal revenue, and relevant costs for your product), determine your firm's optimal price, output, and the resulting profits for each of the following scenarios:
Should you make her an offer at the salary or continue the interviewing process. Explain
Explain how the travel cost method might be used to determine the value visitors place on their right to visit a national park?
During 2009, the demand for LCD televisions appeared to be falling. At the same time, some industry observers expected that several smaller television manufacturers might exit the market. Use a demand-and-supply graph to analyze the effects of these ..
Why do price gouging laws often fail to work?
Picture Assume the market is in equilibrium in the graph shown at demand D and supply S1. If the supply curve shifts to S2, and a new equilibrium is reached. Equilibrium quantity increase from 4 to 4.5 units.
Assume only one variable input, which is labor (L). Which one of the following is FALSE for a typically shaped short run production function? (TP=total product of labor, AP=average product of labor, MP=marginal product of labor.)
Because of diminishing returns to consumption, a household would be less than twice as happy if nominal income and nominal prices all doubled. an increase in the interest rate makes all households worse off. if a household is neither borrowing nor le..
If the manager of impact industries decides to produce 240 units, illustrate what will the long-run total cost also long-run average cost of producing 180 units.
Illustrate what are the State's doing that is consistent with the constitution.
Suppose that a tariff is imposed on imports of minivan. Show graphically what the effect is in terms of price and quantity of imports. Be sure that your graph is completely and correctly labeled. What determines how much of the tariff is paid by the ..
In the late 1990's, car leasing was very popular in the United States. A customer would lease a car from the manufacturer for a set term, usually two years, and then have the option of keeping the car. Why was the manufacturer losing money on this pr..
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