All of the following costs will vary depending on the geographic location of a firm's plant except which one?
A) U.S. corporate taxes
B) traffic regulations involving large trucks
C) wages
D) land prices
A) U.S. corporate taxes
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Over the past 110 years, real GDP per person in the United States has grown at an average rate of about ________ per year
A) 1 percent B) 2 percent C) 5 percent D) 10 percent E) 7.5 percent
How does money make the circular flow model more efficient
A. Neither the product nor resource market can exist without money. B. Money gives firms an advantage over households, since they have more money. C. Money makes the product market more important than the resource market D. Having a common medium of exchange, like money, eliminates the need to barter.
If a runner's demand for bottled water increases, and the market price remains unchanged, the runner's consumer surplus
a. falls because the difference between what the runner is willing to pay and price decreases b. falls because the marginal utility of bottled water falls when the demand curve shifts to the left c. remains constant because price doesn't change d. increases e. is zero
Which of the following distinguishes a natural monopoly from monopoly caused by ownership of a vital resource?
A. The natural monopoly has a marginal cost curve above its average cost curve at all levels of output, and the marginal cost in other monopolies is also above average cost. B. The natural monopoly does not require any government intervention because it is only efficient to have one large firm supplying the market, but other monopolies do require government intervention to maintain efficiency. C. The natural monopoly has a downward-sloping long-run average cost curve as opposed to a U-shaped long-run average cost curve. D. The natural monopoly occurs with naturally occurring products like gold and diamonds, whereas other monopolies occur with man-made products.