Which of the following is a problem associated with extreme levels of poverty?
A) High life expectancy B) High infant mortality
C) High literacy D) Low fertility
B
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Which of the following combination of inputs is most closely reflective of decreasing marginal rate of technical substitution (MRTS)?
A) oil and natural gas B) sugar and high fructose corn syrup C) computers and clerks D) keyboards and computers
Which of the following statements best describes the price, output, and profit conditions of monopolistic competition?
a. Price will equal marginal cost at the profit-maximizing level of output; profits will be positive in the long-run. b. Price will always equal average variable cost in the short run and either profits or losses may result in the long run. c. Marginal revenue will equal marginal cost at the short run, profit-maximizing level of output; in the long run, economic profit will be zero. d. Marginal revenue will equal average total cost in the short run; long-run economic profits will be zero.