The typical shape of the long-run average cost curve is like
A) the letter "C."
B) the letter "U."
C) an inverse of the letter "V."
D) a circle.
Answer: B
You might also like to view...
Refer to the above table. How could the U.S. government justify its decision to offer a subsidy to a profitable and successful business?
What will be an ideal response?
There are two closely related crops, X and Y, with the following demand functions QX = 180 - 2PX + PY and QY = 150 + PX - PY where QX is the quantity of X, PX is the price of X, QY is the quantity of Y, and PY is the price of Y
These two crops are grown in two widely separated countries so there is no interrelationship between the supply curves. The short-run perfectly inelastic supply for X is 150 while the short-run perfectly inelastic supply for Y is 100. In equilibrium, the prices are A) PX = 80, PY = 130 B) PX = 40, PY = 65 C) PX = 60, PY = 120 D) PX = 30, PY = 80
Refer to the above figure. Which of the above panels represents complete income equality?
A) Panel A B) Panel B C) Panel C D) Panel D
The government sometimes creates an excess demand for a product by setting a maximum price at which the product may be sold to consumers. This is sometimes called a:
A. price ceiling. B. price floor. C. tax. D. subsidy.