When buying a car from a commission salesman you improve your bargaining position by
a. shopping when the new model year cars have just arrived
b. shopping when the showroom is empty of customers
c. shopping when the car lot has only few cars left unsold
d. shopping toward the beginning of the month
b
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At any level of output
A. average total cost will exceed average variable cost by the amount of the average fixed cost. B. marginal cost will exceed average variable cost by the amount of the average fixed cost. C. average variable cost will exceed average total cost in the short run. D. average variable cost will exceed average fixed cost by the amount of the average total cost.
Suppose that an individual consumes just hamburgers and soft drinks. Using a carefully-labeled diagram, derive the price-consumption curve that would result from a decrease in the price of hamburgers.
What will be an ideal response?
Which of the following observations is true?
A. Environmental damage can be reduced to zero. B. Pollution results from a price mechanism malfunction. C. Charging those who emit pollution is not a way of dealing with pollution problems. D. Public interest requires pollution be maintained at its free-market level.
The figure above shows the costs for a grower in the perfectly competitive turnip industry. If the price is $1,400 for a ton of turnips, the firm is
A) making an economic profit. B) making zero economic profit. C) incurring an economic loss. D) More information is needed to determine if the firm is making a positive economic profit, zero economic profit, or incurring an economic loss.