Which of the following is a microeconomic statement?
A. The real domestic output increased by 2.3 percent last year.
B. Unemployment was 6.5 percent of the labor force last year.
C. The price of personal computers declined 4.7 percent last year.
D. The general price level increased by 3.1 percent last year.
Answer: C
Economics
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Refer to Scenario 7.3. Which of the following combinations of inputs is on the isoquant to produce 400 units of output?
A) L = 0, K = 400 B) L = 400, K = 0 C) L = 100, K = 100 D) all of the above E) A and B, but not C
Economics
After participating members of a cartel form an agreement on common prices and output quotas, then an individual firm can increase its own profits by
A) increasing production. B) increasing prices. C) leaving the cartel. D) incurring higher input costs.
Economics