An industry is in ________ if firms have an incentive to enter or exit in the ________ run.
A. equilibrium; long
B. equilibrium; short
C. disequilibrium; long
D. disequilibrium; short
Answer: C
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Haiti was once a heavily forested country. Today, 80 percent of Haiti's forests have been cut down, primarily to be burned to create charcoal. The reduction in the number of trees has lead to devastating floods when it rains heavily
This is an example of A) human greed. B) the consequences of not having a market economic system. C) the tragedy of the commons. D) tragic externalities.
If a firm produces 10 units, TC=$100 . When the firm increase its output to 15 units, TC= $150 . The firm's variable costs equal to
a. $25 b. $0 c. $50 d. $100
From a purely economic point of view, discrimination is established if: a. black teenagers earn more than white teenagers do
b. all factors are earning an amount equivalent to their marginal revenue product. c. women earn less than men do. d. equivalent factors earn different payments for equal contributions to output.
The text points out that terrorism might best be thought of as
a. an ability to accomplish specific and long-lasting political goals. b. a new type of weapon. c. a temporary and diminishing threat. d. a new kind of war.