Which will be TRUE for a monopolistic competitor experiencing short-run losses?
A) P > ATC
B) P = ATC
C) P < ATC
D) P < MC
C
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New growth theory
A) states that the rate of technological change is caused by economic incentives. B) states that the rate of technological change is determined outside the working of the market system. C) states that the rate of technological change is unaffected by economic incentives. D) does not adequately explain the factors that determine productivity.
The EPA’s Endangerment finding
a. had no effect on GHG regulation in the United States b. asserted that GHGs posed a threat to the health and welfare of current and future generations c. argued that GHGs present no danger to public health and welfare d. indicated that only HFCs could endanger public welfare and recommended that they be banned from production and consumption
Seth is a surgeon who goes to Cambodia each summer and donates two weeks of his time to local hospitals. From an economic standpoint, utility is gained by:
A. Seth, knowing the local paper writes a story about his trip every time he comes home. B. Seth's patients. C. Seth, knowing he is doing a good deed. D. All of these are true.
Suppose that an early frost damages the Florida orange crop. As a result, the price of California oranges increases. Ceteris paribus, which one of the following statements best explains this situation?
A) The supply of Florida oranges decreased, causing the supply of California oranges to increase, which resulted in a higher price. B) The supply of Florida oranges decreased, causing the supply of California oranges to decrease, which resulted in a higher price. C) The supply of Florida oranges decreased, causing their price to increase, and thus causing the demand for California oranges to increase. D) The demand for Florida oranges fell because of the freeze, and this led to a higher demand for California oranges.