Firm A can produce a unit of output with 10 hours of labor and 5 units of material. Firm B can produce a unit of output with 5 hours of labor and 10 units of material
Firm C can produce a unit of output with 10 hours of labor and 10 units of material. If the prices of labor and material are $10 per hour and $5 per unit, respectively, which of these firms is the most technologically efficient? A) firm A only
B) firm B only
C) firm C only
D) Firms A and B could both be technologically efficient.
D
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In a sequential game
A) a player has to look forward and reason forward. B) a player has to look forward and reason back. C) a player has to look back and reason forward. D) a player has to look back and reason back.
Which of the following illustrates government acting as a referee?
a. taxing high income persons b. enforcing contract provisions between buyer and seller c. buying new weapons for defense d. mailing checks to social security recipients e. collecting data on imports and exports