Fill in the blank: a combination of two goods that lies beyond the production possibilities frontier ________
A) can be produced with the current set of resources
B) cannot be produced with the current set of resources
C) can never be produced with any set of resources
D) can be produced but only if the producer becomes more greedy
B
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Distinguish between the short run and the long run. In the short run, ______, whereas in the long run ______.
a. some inputs are variable because they can be altered quickly; all inputs are fixed b. some inputs are fixed because they cannot be altered quickly; all inputs are variable c. fixed inputs can be adjusted as production increases; all inputs can be altered d. inputs cannot be varied; some inputs are fixed and cannot be altered
All of the following are private costs of operating an automobile EXCEPT
A) gasoline for the car. B) depreciation of the vehicle. C) car insurance. D) harm to the environment from emissions.
Hi Phi Sound Unlimited has a monopoly over the installation of surround sound systems. If Hi Phi Unlimited's total revenue from installing 15 sound systems is $30,000 and its total revenue from installing 18 sound systems is $33,000, what is the marginal revenue of the eighteenth sound system?
A. -$3,000 B. $1,000 C. $1,500 D. $3,000
Refer to the information provided in Figure 15.4 below to answer the question(s) that follow. 
Figure 15.4 Refer to Figure 15.4. If the Hand Made Shirt Shop is monopolistically competitive, what is the minimum level of fixed cost that would lead to the firm continuing to operate in the short run?
A. $100 B. $1,150 C. $1,250 D. The firm would continue to operate regardless of the level of fixed costs.