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If there are no fixed costs of production, in the long run, the perfectly-competitive firm will produce
(a) where AV C is minimized.
(b) more units than would have been produced had there been fixed costs of production.
(c) fewer units than would minimize the firm’s average variable cost.
(d) None of the above.
Suppose there is an early freeze in California that reduces the size of the lemon crop. What happens to consumer surplus in the market for lemons?
This assignment is based on an article published in The Economists' Voice by Cass R. Sunstein, titled 'The Precautionary Principle as a Basis for Decision Making', in Volume 2, Issue 2 , 2005. The article and rubric (i.e. assessment criteria) are att..
From an economist's perspective, an important consideration for policies to address global warming is: When a producer cannot get all consumers of their product to pay for enjoying it, such as in the case of a fireworks display, then we'd have a dema..
Within 20 years we will have seen the emergence of enormous global markets for standardized consumer products. Do you agree with this statement? Why or why not?
If France can produce grapes at a lower opportunity cost than any other nation, France is said to have a/n ____________in the production of grapes.
Draw your budget constraint assuming that you pay no taxes (and receive no subsidies) on your income. On the same diagram, draw another budget constraint assuming that you receive a 20 percent subsidy (that is, for every dollar you receive in labor m..
Second, it will not reduce bene ts for the rst $3,000 earned by the workers. After this, it will reduce bene ts at a reduction rate of 50%. Draw the budget constraint facing any worker under the proposed new program.
Question 1: People clearly discount the future, relative to the present. But they may discount certain things more than others. Arrange the following in decreasing order of the likely discount rate. After you have made your list, write a few senten..
If quantity is 20 also if producers receive the seller's price for to output illustrate what is the amount of Producer Surplus.
The dean of business would like to estimate the porprtion of students who have access to a personal computer outside the school. a sample of 150 students revealed that 105 had access to a computer outside school. Compute and explain a90% confidence i..
In the study of the demand for fast food, the variables gasoline consumption per capita and population density were included as:
Why does Apple tightly hold on to the development of iOS but outsources some of the design and all the manufacturing of iPhone handsets?
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