Refer to the graph shown. Within which part of the production function is the firm most likely to operate?

Of the following, which good has the most elastic demand?

A) food B) breakfast food C) cereal D) Post Raisin Bran E) Post Raisin Brand purchased at a Safeway grocery store

The returns that skilled engineering professionals earn consist of both transfer earnings and economic rent. This implies that:

a. demand for these professionals is highly elastic. b. the supply curve of skilled engineering professionals is upward-sloping. c. the supply curve of skilled engineering professionals is backward bending. d. demand for these professionals is perfectly inelastic. e. the supply curve of skilled engineering professionals is vertical.