The degree of a factor's specificity is directly related to
A) the amount of time required to redeploy the factor to a different industry.
B) the cost of the factor as a proportion of the long-run total cost of production.
C) the mobility of the factor, with more mobile factors having more specificity.
D) technology differences between two countries, with a more advanced technology resulting in more factor specificity.
E) factor quality, with higher quality factors having a higher level of specificity.
A
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If producing just one more tube of toothpaste makes Crest's average total cost fall, the marginal cost of that tube of toothpaste is
a. less than one b. greater than the average total cost of the previous tubes c. greater than the average variable cost of the previous tubes d. less than the average total cost of the previous tubes e. less than the marginal cost of the previous tube
Refer to Figure 18.4. With an import ban, what is the equilibrium quantity of gloves in Duckland?
A. 100 B. 80 C. 60 D. 40