Average fixed cost is found by dividing ________ by output; as output rises, average fixed cost ___________.
Fill in the blank(s) with the appropriate word(s).
fixed cost; declines
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Opportunity costs exist for
A. households but not businesses or governments. B. businesses but not households or governments. C. businesses and households but not governments. D. households, businesses, and governments.
Oligopolies with kinked demand curves change their prices quickly and frequently
a. True b. False Indicate whether the statement is true or false
When you watch a professional football game, you may see the Nike swoosh on the players' jerseys. When you see people on the street, you may see people wearing Nike T-shirts or Nike shoes. It seems, at times, most everybody sports that swoosh. You are likley to say: "Gosh, Nike must be a monopoly.". But think twice. Is it? To define the market it's in, it would be most helpful if you had
information concerning a. its prices relative to those of other firms producing similar goods, such as Reebok b. the shape of its demand curve c. its cross elasticities of demand with other goods and its market share d. whether or not brand loyalty exists e. whether it advertises or not
The entry of firms into a perfectly competitive industry causes the supply curve to
a. increase its slope. b. decrease its slope. c. move toward the right. d. move toward the left.