An industry with a horizontal long-run supply curve is called a(n) ________ industry.
A. decreasing-profit
B. constant-cost
C. decreasing-cost
D. increasing-cost
Answer: B
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If a firm hires labor for $6,000, pays rent of $2,000, buys raw materials for $10,000 from another firm, earns profits of $800, and sells its output for $25,000, the value added by the firm is _____
a. $6,200 b. $9,000 c. $15,000 d. $18,000 e. $18,800
If the government were to increase taxes, it would be enacting:
A. contractionary fiscal policy. B. expansionary fiscal policy. C. contractionary monetary policy D. expansionary budgetary policy.
Over the past several decades in the United States, the labor-force participation rate of women has
a. increased, and the labor-force participation rate of men has increased. b. increased, and the labor-force participation rate of men has decreased. c. decreased, and the labor-force participation rate of men has increased. d. decreased, and the labor-force participation rate of men has decreased.
Two perfectly competitive firms, Firm A and Firm B, both face random demand and have the same expected marginal revenue, as illustrated in the figure below. For which firm would a forecast of demand be more valuable?
A) Firm A
B) Firm B
C) The value for each firm is the same because the high demand, low demand, and expected marginal revenue are the same.
D) A forecast is more valuable for Firm A if the demand will be high and more valuable for Firm B if the demand will be low.