Acres of LandTanks of FertilizerTruckloads of Potatoes2002820170202105203135204152205141
Refer to Table 2.4. What can be observed about the given resources?
A. Land is variable but fertilizer is fixed.
B. Land and fertilizer are both fixed.
C. Land and fertilizer are both variable.
D. Land is fixed but fertilizer is variable.
Answer: D
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A firm uses two factors of production. Irrespective of how much of each factor is used, both factors always have positive marginal products which imply that
A) isoquants are relevant only in the long run B) isoquants have negative slope C) isoquants are convex D) isoquants can become vertical or horizontal E) none of the above
Consider the above table. If the government imposes a price ceiling on garbanzo beans of $8, what would be the likely result?
A) a surplus of 2,000 garbanzo beans on the market B) a shortage of 2,000 garbanzo beans on the market C) Market equilibrium will be reached. D) The quantity demanded of garbanzo beans would fall to zero.