Refer to the table below. If the price per unit of labor were to increase from $2 to $3, the most efficient production technique would then be:
The following table illustrates alternative production techniques for producing 18 widgets that can be sold for $1 each for a total revenue of $18.
A. A
B. B
C. C
D. D
Answer: C
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The aggregate demand curve shows that, if other factors are held constant
A) higher price levels will result in higher total planned spending. B) higher price levels will result in lower total planned spending. C) lower price levels will result in inflationary conditions. D) higher price levels will result in lower interest rates.
If a consumer places a value of $20 on a particular good and if the price of the good is $25, then the
a. consumer has consumer surplus of $5 if he buys the good. b. consumer does not purchase the good. c. price of the good will rise due to market forces. d. market is out of equilibrium.