In the short run, total output in an industry:
A. Is absolutely fixed
B. Can vary as the result of using a fixed amount of plant and equipment more or less intensively
C. May be altered by varying the size of plant and equipment which now exist in the industry
D. Can vary as the result of new firms entering or leaving the industry
B. Can vary as the result of using a fixed amount of plant and equipment more or less intensively
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On average, if demand is unknown and costs of underpricing are _______ than the costs of overpricing, then _________
a. Smaller; overprice b. Smaller; underprice c. Larger; underprice d. None of the above
The price tag on a golf ball in 1975 read $0.20, and the price tag on a golf ball in 2005 read $2.00 . The CPI in 1975 was 52.3, and the CPI in 2005 was 191.3 . In 1975 dollars, a 1975 golf ball cost $0.20 and a 2005 golf ball cost
a. $0.55, so golf balls were cheaper in 1975. b. $0.55, so golf balls were cheaper in 2005. c. $7.32, so golf balls were cheaper in 1975. d. $7.32, so golf balls were cheaper in 2005.
Gasoline prices in the United States decreased significantly between 2014 and 2016. A decrease in the price of gasoline, holding other things constant, will cause which of the following to occur?
A) increase the demand for gasoline. B) decrease the demand for gasoline. C) increase the quantity of gasoline demanded. D) decrease the quantity of gasoline demanded.
Which of the following countries had the highest growth rate over about the last 100 years?
a. Japan b. China c. Germany d. United States