Profit is equal to:
a. price times quantity
b. total cost times quantity.
c. total cost minus total revenue.
d. total revenue minus total cost.
d
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If both matches and automobile prices increase by 10 percent, consumers will likely buy
A. fewer matches and approximately the same quantity of automobiles. B. approximately the same quantity of matches and fewer automobiles. C. fewer matches and fewer automobiles. D. approximately the same quantity of both matches and automobiles.
If output is increased in the long-run, average production costs in the presence of internal economies of scale will ________, and in the presence of external economies of scale, will ________
A) decrease; decrease B) increase; remain constant C) remain constant; increase D) decrease; remain constant E) increase; decrease
When stock prices fall
A) an individual's wealth is not affected nor is their willingness to spend. B) a business firm will be more likely to sell stock to finance investment spending. C) an individual's wealth may decrease but their willingness to spend is not affected. D) an individual's wealth may decrease and their willingness to spend may decrease.
The long-run price elasticity of demand for a good is usually larger than its short-run price elasticity because
a. as the saying goes, "out of sight, out of mind" b. more goods are demanded in the long run than in the short run c. people have more time to find substitute goods d. incomes tend to rise over time e. supply curves shift outward over time