Which of the following helps to classify an industry's market structure?
a. the long-run equilibrium price
b. the impact of industry expansion on input prices
c. the existence of barriers to entry
d. the shape of the short-run average total cost curve
e. the existence of economic profit in the short run
C
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Consider a consumer choosing between spending her money on food, F, or clothing, C. Assume that a unit of food and a unit of clothing have the same price, and that the consumer can afford a total of 20 units of either food or clothing. If B stands for benefits then "F + C = 10" is the:
A. optimal solution. B. objective function. C. constraint. D. first-order condition.
Which statement is true regarding the a change in demand and a change in quantity demanded?
A. If a good's price goes down, then demand for the good will decrease B. If demand increases, then the demand curve will shift to the left C. it a good's price goes down, then quantity demanded will increase D. If price rises and quantity demanded decreases then the demand curve will shift to the left
The additional benefits that arise by using an additional unit of the managerial control variable is defined as the:
A. opportunity cost. B. marginal benefit. C. total benefit. D. present value of benefits.
The demand curve a monopolist faces is
A) horizontal. B) the industry demand curve. C) vertical. D) inelastic at all points.