An example of a short-run fixed factor of production is
A) capital equipment.
B) labor.
C) electricity.
D) postage for mailing.
A
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When real GDP exceeds aggregate planned expenditure
A) an unplanned increase in inventories occurs. B) real GDP remains at its equilibrium. C) real GDP increases. D) firms increase production. E) an unplanned decrease in inventories occurs.
In financial markets, actual market prices sometimes diverge from the equilibrium price because
A) supply is often greater than demand. B) demand is often greater than supply. C) supply is equal to demand. D) of geographical and temporal fragmentation.
Price discrimination refers to
a. the actions of a single-price monopolist to determine the best price for its output b. selling the same product to different customers at different prices as a result of different production costs c. government regulation of public utility prices d. selling the same product to different customers at different prices for reasons unrelated to production costs e. charging a price just above average total cost in order to drive competing firms from the market
Firm managers should use inputs at levels where the:
A. Value marginal product of labor equals wage. B. Marginal benefit equals marginal cost and value marginal product of labor equals wage. C. Marginal benefit equals marginal cost. D. Price equals marginal product.