Reference no: EM13243397
1. Total fixed costs ________ in the short run as the quantity of output increases.
2. it a firm has diseconomies of scale, its average total cost will _______ if it increases the quantity if output it is producing.
3. A firm is earning a positive profit if price is greater than
4. If the wage rate increases, which of the following will not happen?
5. Total cost _______ in the short run as the quantity of output increases.
6. A firm that is a price taker
7. If the long-run average cost drops as the firm proportionally expands it use of all its inputs, the firm has
8. A company has the following costs and revenue: fixed costs = $500, variable costs = $700, and total revenue = $600. Which of the following statements is true?
9. An increase in the mandatory prison term for possession of drugs would reduce use by increasing the _________ of using drugs.
10. A firm is evaluating its production process and finds that a larger factory would allow a more productive layout of machines and the purchase of larger-scale machines that can produce the output more cheaply. The slope of the long-run average cost curve of the point the firm is currently operating is
11. A price taking firm with a loss will
12. A firm should shut down it total revenue is less than
13. A price-taking firm is selling 100 units if a good for the market price. If the marginal cost of the 100th unit is higher than the marginal revenue of that unit,
14. The N.M. Corporation has exactly the same costs of production as last year except for fixed cost, which are $50,000 this year compared to $30,000 last year. Which of the following statements is false?
15. The difference between the average cost and the average variable cost curves is
16. Which cost curve has a slope equal to zero?
17. Your mother yells at you for skipping your Economics class last week. She says, I paid good money for you to take that class, now I expect.......
18. When Cody's Cutting Service goes from three lawn mowers to six workers and six lawn mowers, the number......
19. Which of the following accurately reflects the trends in farming over time?
20. The marginal cost of making the 100th unit is $50 and the average total cost of the 100th unit is $100. What do we know about the average total cost curve at a quantity of 100?
|
Describe the competitive environment within the industry
: Describe the competitive environment within the industry. Is there a dominant firm? Are the other firms follow or actively compete? How do they compete? (For example, by using price, advertising, quality or some other variable.)
|
|
What is opportunity cost of producing 100 loaves of bread
: The population of an isolated island consists of 10 people. In oneyear, each person can either pick 100 bunches of bananas or,alternatively, tend an oven that bakes bananas into banana bread.There is only one oven on the island.
|
|
Contrast this event with the effects of other major disaster
: Class, Hurricane Katrina's effect on the Gulf Coast was tragic for that area and for the entire United States of America. Many lives were lost and the true cost to society of the loss of human lives is immeasurable. The cost to the economy, however, ..
|
|
Find the time required for the boat to slow down
: A 1200 kg boat is traveling at 80 km/h when its engine is shut off. The magnitude of the frictional force fk between boat, Find the time required for the boat to slow down to 40 km/h
|
|
The n.m corporation has exactly the same costs of production
: The N.M. Corporation has exactly the same costs of production as last year except for fixed cost, which are $50,000 this year compared to $30,000 last year. Which of the following statements is false?
|
|
Increases in aggregate demand lead to
: Which of the following best characterizes changes in the U.S. long-run aggregate supply curve during the past 50 years (taking into account that the economy has acquired better technology)?
|
|
Construct a pie chart of relative frequencies
: Construct a pie chart of relative frequencies and construct a bar graph of the relative frequencies
|
|
According to the profit-maximization goal the firm should
: According to the profit-maximization goal, the firm should attempt to maximize short-run profitssince there is too much uncertainty associated with long-run profits.
|
|
What if the airline offers refundable business class tickets
: In the model for airline seat pricing, we studied the case of non-refundable tickets. What if the airline offers refundable business class tickets. You can buy a business class ticket and return it for a full refund if you do not fly.
|