Suppose a car wash with 2 washing stations and 5 workers is able to wash 100 cars per day. When it adds a third station, but no more workers, it is able to wash 150 cars per day. The marginal product of the third washing station is:

Exhibit 3-23 Demand and supply curves ​ ​ In Exhibit 3-23, a movement from A to D is best described as a(n):

The elastic portion of the downward-sloping straight-line demand curve lies:

Price elasticity of demand measures:

If an excise tax is placed on a product that has a perfectly inelastic demand, then:

Which of the following must be true if average total cost is rising?

Suppose the marginal product is maximized when the 10th worker is hired. Then the marginal cost value is minimized when

Suppose the president of a college argues that a 25 percent tuition increase will raise revenues for the college. It can be concluded that the president thinks that demand to attend this college is:

Suppose that Starbucks reduces the price of its premium coffee from $2.20 to $1.80 per cup, and as a result, the quantity sold per day increased from 350 to 450. Over this price range, the price elasticity of demand for Starbucks coffee is:

Suppose that X and Y are substitute goods. If the price of good X increases, we can expect: