The U.S. supply curve of dollars is upward-sloping because a:
a. higher number of yen per dollar means Japanese goods are cheaper in Japan.
b. higher number of yen per dollar means Japanese goods are cheaper in the U.S.
c. lower number of yen per dollar means Japanese goods are cheaper in the U.S.
d. none of these.
b
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The profit-maximizing quantity of the monopolist compared to the perfectly competitive industry in the above figure are, respectively
A) Q1 and Q2. B) Q1 and Q3. C) Q1 and Q5. D) Q2 and Q3.
Excise tax is often considered unfair because of its high level of ______.
a. elasticity b. regressiveness c. progressiveness d. complexity
Which is the best example of a firm's implicit costs?
A) wages B) the opportunity cost of owner-provided labor C) rent D) taxes
Empirical studies of production suggest that the long-run average cost curve
a. is U-shaped b. has an inverted L shape c. is L-shaped d. is horizontal e. shows diminishing marginal returns