Which of the following is NOT an example of a consumption expenditure?
A) a restaurant meal
B) a digital camera you purchase to take on vacation
C) a new county jail
D) a motorcycle you purchase to ride on the weekends
C
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During the severe 2007-2009 recession, Delta Airlines sold ________ passenger tickets and ________ the prices of the tickets it did sell. The result was a $1.2 billion loss in 2009
A) fewer; raise B) more; raise C) more; cut D) fewer; cut
A firm never operates
A) at the minimum of its ATC curve. B) at the minimum of its AVC curve. C) on the downward-sloping portion of its ATC curve. D) on the downward-sloping portion of its AVC curve. E) on its long-run marginal cost curve.
Suppose the market demand for milk is Qd = 150 - 5P. Additionally, suppose that a dairy's variable costs are VC = 2Q2 (where Q is the number of gallons of milk produced each day), its marginal cost is MC = 4Q and there is an avoidable fixed cost of $50 per day. In the long run there is free entry into the market. Suppose the demand for milk doubles. If in the short run the number of firms is fixed and their fixed costs are sunk, the short run market supply function is:
A. Qs = 40P if price is greater than $20. B. Qs = P/4 if price is greater than $20. C. Qs = 2.5P if price is greater than $20. D. Qs = 300 - 10P for all prices.
A player's strategy is a game plan when decisions are interdependent
a. True b. False