There are several advantages that a market economy possesses. These do not include the fact that market economies:
A) tend to result in high living standards.
B) tend to encourage greater economic growth.
C) tend to prevent entrepreneurial activity that would result in large accumulations of wealth in the hands of a few people.
D) none of the above is true
Ans: C) tend to prevent entrepreneurial activity that would result in large accumulations of wealth in the hands of a few people.
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The figure above shows the costs and benefits associated with producing paper. What is the efficient level of output?
A) 0 B) 4 tons C) 6 tons D) More than 6 tons E) None of the above answers is correct.
Jose owns a local coffee shop. When Jose calculates how his total revenue changes in response to hiring an extra worker, Jose is calculating the
A) marginal revenue. B) value of marginal product of labor. C) marginal product of labor. D) total revenue.