In the long run, a firm in a perfectly competitive industry will supply output only if its total revenue covers its
A) explicit costs plus its implicit costs.
B) fixed costs.
C) implicit costs.
D) explicit costs.
Answer: A
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In the figure above, the total revenue from pizza per day is
A) $60,000. B) $100,000. C) $40,000. D) $80,000. E) $50,000.
After a firm makes both short and long run adjustments to its production plan following an increase in the output price,
A. the marginal product of capital will be higher. B. the marginal product of labor will be lower. C. the technical rate of substitution will be unchanged. D. (a) and (c) E. (b) and (c) F. (a) and (b) G. All of the above. H. We cannot tell for sure -- so none of the above.
In what geographic areas would the traditional economy most likely be found?
a. parts of Asia, Africa, and South America b. Cuba and North Korea c. Europe and the United States d. China and Russia
In the United States, regulation increased steadily in the areas of health, safety, and the environment during:
a. the Great Depression. b. World War II. c. the 1970s. d. the 1980s.