Along a supply curve,
a. supply changes as price changes.
b. quantity supplied changes as price changes.
c. supply changes as technology changes.
d. quantity supplied changes as technology changes.
b
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The table above shows the production possibilities for an economy. When the economy produces a combination of 900 books and 50 loaves of bread,
A) production efficiency occurs because resources are not overused. B) allocative efficiency is achieved because both goods are produced. C) production efficiency is not achieved. D) allocative and production efficiency are both achieved. E) production efficiency is not achieved but allocative efficiency might be achieved.
The product price is $10 per unit and the cost per worker is $540. How many workers will the firm employ?
A profit-maximizing firm operates in purely competitive product and resource markets, with the following resource and production schedules.
A. 4
B. 5
C. 6
D. 7