A firm will operate in the short run as long as it can cover its _______________.
Fill in the blank(s) with the appropriate word(s).
variable costs
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Refer to Figure 9-4. Under autarky, the producer surplus is area
A) S + V. B) S + T + V + W + X. C) V. D) T + W+ X.
Along a bowed-out production possibilities frontier, as more of one good is produced,
a. the opportunity cost of producing that good remains constant b. the opportunity cost of producing that good decreases c. efficiency decreases d. the opportunity cost of producing both goods must remain constant e. technology remains constant
The typical movement of the aggregate supply curve resulting from an increase in productivity is that it
A. shifts inward and becomes flatter. B. shifts inward. C. shifts outward. D. becomes flatter. E. becomes steeper.
Consider an unregulated monopoly in Figure 8.13. If a second firm enters the market, the demand curve facing the first firm will:
A. shift to the right. B. shift to the left. C. remain the same. D. There is insufficient information.