Which of the following is considered a microeconomic issue?
A. The unemployment rate in the US from 1980-2014.
B. Apple releases a new version of the iPhone.
C. France’s growth rate in the last year.
D. All of these are examples of microeconomic issues.
B. Apple releases a new version of the iPhone.
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Regarding the production of health care, more recent studies suggest that economies of scale exist up to a hospital size of approximately 200 beds
Indicate whether the statement is true or false
Kate's Great Crete (KGC) is a local monopolist of ready-mix concrete. Its annual demand function is Q = 20,000 - 400P, where P is the price, in dollars, of a cubic yard of concrete and Q is the number of cubic yards sold per year. What is the difference between price and marginal revenue when KGC sells 5,000 cubic years of concrete per year?
A. $12.50 B. $25.00 C. $37.50 D. $50.00
Economies of scale exist when
A. marginal cost decreases as output increases. B. fixed cost decreases as output increases. C. total cost decreases as output increases. D. long-run average cost decreases as output increases.
This monopolist
A. is in the short run.
B. is in the long run.
C. may be in the short run or the long run.