Suppose 4 million tractors wear out each year. If society wishes to push next year’s production possibilities curve outward, the output combination chosen must be

The optimal market basket for the consumer is the one in which the

A full-time college student could drop out of school with two months to go. If so, he could earn $20,000 in those two months. Assume that the his cost of living is the same whether he stays in school or not. By finishing school, he incurs an opportunity cost equal to

The graph below illustrates the weekly average and marginal products for salespersons in the appliance department of a large department store: If the average product of labor falls from 5 to 4.5 when a sixth unit of labor is added, the marginal product of this sixth person is

If the demand curve slopes downward and the supply curve slopes upward, which of the following

In the long run, in a perfectly competitive industry, ________ are zero.

If average total cost is $0.75 when output is 100 units and total fixed cost is $10. If marginal cost for the 101st unit is $0.70, average variable cost must be

One reason for diminishing returns is that

Difficulties in coordinating and transmitting information in a large firm can lead to

Even if a perfectly competitive firm produces at a loss in the short run, continued production is preferable to shutting down as long as