Refer to the above short-run production and cost data. The curves of Figures A and B suggest that:
marginal product and marginal cost reach their maximum points at the same output.
marginal cost reaches a minimum where marginal product is
Note: It is recommended that you save your response as you complete each question.
Question 1 (4 points)
Normal profit is:
Question 1 options:
a) determined by subtracting implicit costs from total revenue.
b) determined by subtracting explicit costs
1 / 1 point
Refer to the above graph. Which of the following schedules correctly reflects "demand"?
a) Option A
b) Option B
c) Option C
d) Option D
1 / 1 point
When the price of a product falls, the purchasing power of our money inco
A craft union attempts to increase wage rates by:
a) equating the MRP and the MRC curves.
b) shifting the labor supply curve to the left.
shifting the labor supply curve to the right.
d) shifting the MRP curve to the right.
0 / 2 points
Interest is the:
a) price paid for the use of money.
b) opportunity cost of time.
c) expectation of a future return on investment.
d) reward for consuming rather than saving.
2 / 2 points