It takes a considerable amount of time to increase the production of pork. This implies that:
A. a change in the demand for pork will not affect its price in the short run.
B. the short-run supply curve for pork is less elastic than the long-run supply curve for pork.
C. an increase in the demand for pork will elicit a larger supply response in the short run than
in the long run.
D. the long-run supply curve for pork is less elastic than the short-run supply curve for pork.
Answer: B
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In the short run, a firm will
A) not produce if its total revenue does not cover its total cost. B) produce and incur an economic loss if its total revenue covers its total variable cost but not its total cost. C) produce and break even if its total revenue covers its total fixed cost but not its total variable cost. D) produce and earn an economic profit if its total revenue is equal to its total cost.
A monopolist’s profit per unit is shown by the difference between price and average cost per unit.
Answer the following statement true (T) or false (F)
A profit-maximizing firm will hire extra units of a resource when
a. marginal resource cost exceeds marginal revenue product b. marginal resource cost is equal to marginal revenue product c. marginal resource cost is less than marginal revenue product d. temporary resource price differentials exceed the marginal resource cost e. the average resource cost and marginal resource cost curves are equal
Monetary policy actions by the Fed are:
A. More effective in a restrictive direction than they are in an expansionary direction B. More effective in an expansionary direction than they are in a restrictive direction C. Equally effective in both expansionary and restrictive directions D. Only effective when coupled with fiscal policy actions