Which of the following best defines what the long run for a business is?
A. more than one year
B. the time to make necessary business decisions
C. the period of time during which at least one input is fixed
D. the period of time during which all inputs are variable
Ans: D. the period of time during which all inputs are variable
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Assume a hypothetical case where an industry begins as perfectly competitive and then becomes a monopoly. As a result of this change
A) price will be higher, output will be lower, and the deadweight loss will be eliminated. B) consumer surplus will be smaller, producer surplus will be greater, and there will be a reduction in economic efficiency. C) consumer surplus will be smaller and producer surplus will be greater. There will be a net increase in economic surplus. D) price will be higher, consumer surplus will be greater, and output will be greater.
When Bob's willingness to pay for a cup of coffee is $1, and the price of a cup of coffee is $1:
A. Bob is indifferent about purchasing the coffee. B. Bob will get no surplus by purchasing the coffee. C. Bob will get the same surplus whether he purchases the coffee or not. D. All of these are true.
In 1776, the American Revolution was sparked by anger over
a. the extravagant lifestyle of British royalty. b. the crimes of British soldiers stationed in the American colonies. c. British taxes imposed on the American colonies. d. the failure of the British to protect American colonists from attack by hostile Native Americans.
If there is no comparative advantage in the production of either of the two goods produced by countries 1 and 2, then
A) the benefits resulting from trade between the two countries are increased. B) there are no gains from specialization and trade between the two countries. C) one country must be more productive in producing all goods than the other. D) each country should specialize in the production of a particular good. E) none of the above