If 25 workers can pick 100 flats of strawberries per hour, then average product is
A) 100 flats per hour.
B) 125 flats per hour.
C) 75 flats per hour.
D) 4 flats per hour.
E) More information is needed about how many flats 24 workers can pick.
D
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The market for used cars is shown in the above figure. Buyers cannot tell whether any given car is a lemon. Forty percent (40%) of all cars are lemons. Which of the following statements is true?
A) All of the cars will be sold. B) No cars will be sold. C) Only lemons will be sold. D) Ten percent of the used cars sold will be lemons.
A recent decline in interest rates made home construction more affordable for many families. The consequent increase in construction produced a rightward shift in the demand curves for construction materials. Economists would say that the change in demand for materials is due to
a. the principle of marginal productivity. b. rent seeking. c. diminishing marginal returns. d. derived demand.