Use the following graph to answer the next question.
The short-run supply curve for this perfectly competitive firm is the
A. segment of the MC curve lying at and to the right of quantity k.
B. entire MC curve.
C. segment of the MC curve lying at and to the right of quantity h.
D. segment of the AVC curve lying to the right of the MC curve.
Answer: C
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If the value of the marginal product of physical capital is $20 and the value of the marginal product of labor is $5, the highest price that a firm should pay for an additional unit of physical capital is:
A) $4. B) $5. C) $20. D) $100.
One problem with NAFTA that is NOT shared by some other trade blocs is that
A) national environmental laws differ greatly. B) the countries are at very different stages of economic development. C) the countries speak different languages. D) the countries are not natural trading partners.