These are the cost and revenue curves associated with a monopolistically competitive firm.
According to the graph shown, area C represents:
A. consumer surplus.
B. deadweight loss.
C. profits.
D. producer surplus.
Answer: A
Economics
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Labor productivity is
A) the quantity of capital one worker can produce in one day. B) the quantity of output produced in one hour by several workers. C) the quantity of output produced in one hour by one machine. D) the quantity of output produced by one worker or by one hour of work.
Economics
Which of the following problems would lead an economist to use instrument variable methods?
A) The dependent variable has an impact on the independent variable. B) There are too few quarters of data. C) There are too many independent variables. D) The R2 is too high. E) The residuals are too small.
Economics