Which of the following items is not a factor of production?
A. An oil rig in the Gulf of Mexico
B. A ski jump in Utah
C. A bank loan to a farmer
D. An orange grove in Florida
C Answer C is not a factor of production because it is financial capital; see page 35.
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According to this Application, the incentives described were ________ because they ________ the rate of immunizations
A) not effective; increased B) effective; increased C) not effective; decreased D) effective; decreased
Refer to the below graph for a representative firm in monopolistic competition in a constant-cost industry. This firm is:
A. In short-run equilibrium, but not long-run equilibrium
B. In long-run equilibrium, but not short-run equilibrium
C. In both short-run and long-run equilibrium
D. Not in either short-run or long-run equilibrium