Mark Frost grows apples in a perfectly competitive market. If we drew a line in a graph that illustrates Mark's total revenue from selling apples, it would be
A) a straight, upward-sloping line.
B) a horizontal line.
C) a straight, downward-sloping line.
D) a curve that is negatively sloped at low levels of output and positively sloped at higher levels of output.
Answer: A
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Trade between two nations is NOT possible if they have:
a. identical indifference curves but different production possibilities frontiers. b. identical production possibilities frontiers but different indifference curves. c. different production possibilities frontiers and different indifference curves. d. identical production possibilities frontiers and identical indifference curves.
The value of marginal product of labor is the increase in
A) revenue created by producing one more unit of output. B) revenue created by hiring one more unit of labor. C) total product necessary to make revenue increase by one dollar. D) total product generated by hiring one more unit of labor.