In the above figure, the most efficient way to produce 15 units is to hire
A) 2 workers.
B) 3 workers.
C) 4 workers.
D) 5 workers.
C
Economics
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With only two goods, if the income effect is in the opposite direction as the substitution effect but the income effect dominates then the good is
a. normal b. inferior but not Giffen c. Giffen d. There is not enough information to answer.
Economics
Average Variable Cost is
A. the per unit variable cost of production. B. the per unit cost of production. C. the addition to cost associated with one additional unit of output. D. the per unit fixed cost of production.
Economics