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The short-run aggregate supply curve slopes upward because of all of the following reasons except: A. in the short run, prices of final goods and services adjust slowly due to the existence of menu costs. B. in the short run, an unexpected change in the price of an important resource can change the cost to firms. C. in the short run, as prices of final goods and services increase, input prices react more slowly. D. in the short run, as prices of final goods and services increase, some firms are very slow to adjust their prices, thus their sales increase.
q1. in a perfectly competitive firm when you have a table which gives quantity cost total costs explain how can you
Economists have devoted a lot of effort to estimating the natural rate of unemployment in particular countries at particular times. Is this a useless academic exercise, or are there good reasons to want to know this number? Explain.
An industry said to be characterized by monopolistic competition is the apparel industry. In May 2015, a Wall Street Journal article on apparel pricing began this way: “Remember all the nifty bargains you found shopping for clothes last year?
If a firm is maximizing profit and the marginal revenue product of labor is $10 and the marginal revenue product of capital is $30, then the marginal resource cost of labor is $3, and the marginal resource cost of capital is $3 the marginal resource ..
What is the mechanism by which an increase in government spending or a tax cut stimulates the economy? Government borrowing can “crowd out” private investment by…
Sanford (1952) in his discussion of the follower in the leadership process suggested that we think about the follower’s “readiness for leadership.” Explain what Sanford meant by this concept
Which of the following recieves government subsidies that are in place to protect the population rather than the economic reason.
A firm sells 10 units at a price of 20. The marginal cost of production for this firm is MC(q)=5+q. What is this firm’s Lerner Index?
The monthly market demand curve for calculators among economics students is given by P=100-2Q, where P is the price per calculator in dollars and Q is the number of calculators purchased per month. Find the price/quantity combination that would maxim..
Draw the demand and supply graph for each of the following situations: 1) Sellers drop out of the wedding photography business 2) Gas prices decrease 3) Fans become more supportive of pro soccer 4) Hockey fans experience a decline in income 5) A book..
From the profit maximization perspective, under which condition does it make sense to expand the level of output in the short-run?
A clinic focuses on three services: counseling for teens and young adults, smoking cessation, and counseling for young parents. An analyst has developed a forecast of the number of visits each group will make at different prices. Calculate the total ..
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