A market supply curve is determined by
a. vertically summing individual supply curves.
b. horizontally summing individual supply curves.
c. finding the average quantity supplied by sellers at each possible price.
d. finding the average price at which sellers are willing and able to sell a particular quantity of the good.
b
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If Bonnie can produce either 10 hats or 20 scarves in a month, and Phil can produce either 10 hats or 5 scarves in a month, then
A) Bonnie is equally efficient at producing hats, compared to Phil. B) Bonnie is more efficient at producing hats, compared to Phil. C) Bonnie is more efficient at producing scarves, compared to Phil. D) Phil is more efficient at producing scarves, compared to Bonnie.
How much capital does a firm require to produce q = 3200 when labor is 4 and they have a production function equal to q = 200L0.5K0.5?
A) K = 64 B) K = 8 C) K = 16 D) K = 25