Some economists have predicted that recent developments in energy production in the United States are estimated to result in all of the following EXCEPT:
A) millions of new jobs
B) the United States having the lowest energy costs of any country in the industrialized world
C) a substantial increase in GDP over time
D) significant increases in pollution
D
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Refer to Table 13-3. What is the amount of the firm's loss at its optimal output level?
A) $0 B) $41 C) $45 D) $50
In reference to the long-run firm competitive equilibrium diagram, which of the following statements is INCORRECT?
A) In the long run, the firm has no incentive to alter its scale of operations. B) Because profits must be zero in the long run, the firm's short-run average costs (SAC) must equal P at Qe, which occurs at minimum SAC. C) In the long run, the firm operates where price, marginal revenue, marginal cost, short-run minimum average cost, and long-run minimum average cost all are equal. D) In the long run, this firm must be part of a constant-cost industry, because its marginal revenue curve is perfectly elastic.
If Maria spends a fixed dollar amount per week on movie rentals regardless of changes in the price, Maria's demand for movie rental can be considered:
A. elastic. B. unit elastic. C. inelastic. D. There is not sufficient information to determine the price elasticity.
If the interest rate is 10%, the current market value of $1 to be delivered in one year is
A. $0.91. B. $0.99. C. $1.00. D. $1.10.