The period of time that is too short for the firm to change the quantity of certain resources used in production, known as fixed inputs, is called the short run
a. True
b. False
Indicate whether the statement is true or false
True
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Which of the following allows monopolistically competitive firms to differentiate their products from competitors in a market?
a. Licensing b. Forming cartels c. Advertising d. Patenting
Markets fail when externalities are present
a. because all of the costs and benefits of producing a good are reflected in the market price. b. because some of the costs and benefits of producing a good are not reflected in the market price. c. only if they are negative; positive externalities are not market failures. d. because profits are not maximized. e. if the positive externalities are less than the negative externalities.
If the price of gasoline has increased from $2 per gallon to $4 per gallon at the same time that the overall price index increased from 200 to 450, then you know that the inflation adjusted price of gasoline has
A. decreased. B. remained constant. C. increased.
The above table gives the government outlays and tax revenues from 2008 through 2012 for two countries. In 2010 country A had a ________ and country B had a ________
A) budget deficit; budget deficit B) budget deficit; budget surplus C) balanced budget; budget deficit D) budget surplus; budget surplus E) budget surplus; budget deficit