In economics, the practical application of an invention is known as
A) innovation. B) entrepreneurship. C) physical capital. D) technology.
A
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The federal government’s research and experimentation plan is a(n) _____________ to stimulate private sector investment in research.
a. economic prize b. subsidy c. collaboration d. tax credit
A new fertilizer has been discovered that significantly increases the corn crop yield per acre. As a result, the farmers':
A. average total cost curve shifts downward. B. cost curves do not change their shape or position. C. long-run average total cost curve becomes flatter. D. average total cost curves become downward-sloping.
A monopolist faces a demand curve given by P = 60 -2Q and has total costs given by TC = Q2. Its marginal revenue is MR = 60 - 4Q and its marginal cost is MC = 2Q. In autarky, what is the firm's equilibrium output?
a. 5 b. 10 c. 15 d. 20
The additional cost to a firm of producing one more unit of a good or service is the
A) minimum cost. B) total cost. C) opportunity cost. D) marginal cost.