Suppose that a worker in Country A can make either 10 iPods or 5 tablets each year. Country A has 100 workers. Suppose a worker in Country B can make either 2 iPods or 10 tablets each year. Country B has 200 workers. A bundle of goods that Country B could not make would be:
A. (300 iPods, 500 tablets).
B. (400 iPods, 250 tablets).
C. (200 iPods, 750 tablets).
D. (100 iPods, 1,000 tablets).
Answer: B
Economics
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What will be an ideal response?
Economics
Which of the following is not necessarily true in the long for a competitive industry?
a. Firms earn zero profits. b. Firms set MC = MR. c. A firm will not produce if the market price is less than their break-even price. d. The long-run supply curve is more elastic than the short-run supply curve.
Economics