The short-run is a period of less than one year.
Answer the following statement true (T) or false (F)
False
You might also like to view...
Refer to Figure 3-8. The graph in this figure illustrates an initial competitive equilibrium in the market for motorcycles at the intersection of D2 and S1 (point C). Which of the following changes would cause the equilibrium to change to point B?
A) a positive change in the technology used to produce motorcycles and decrease in the price of motorcycle insurance, a complement to motorcycles B) an increase in the number of motorcycle producers and an increase in the number of consumers who prefer riding motorcycles C) an increase in the wages of motorcycle workers and an increase in the price of motorcycle insurance, a complement to motorcycles D) an increase in the wages of motorcycle workers and a decrease in the price of motorcycle insurance, a complement to motorcycles
In general terms describe trends in the inflation rate, considering the period since 1953 . How are these trends related to movements in the inflation rate over this period?
What will be an ideal response?
Suppose Sarah owns a small company that makes wedding cakes. The accompanying table shows how Sarah's total cost varies depending on the number of wedding cakes she makes each day.Number of Cakes Per DayTotal Cost Per Day0$1001$1802$2203$3004$4005$5206$660 When Sarah produces 2 cakes per day, her average variable cost is ________.
A. $60 B. $100 C. $120 D. $110
Refer to Figure 8.1, which shows a family of average cost curves. Why does the vertical distance between Curve 1 and Curve 2 decrease as output increases from Q1 to Q2?
A. Because average variable cost first decreases, then increases as output increases from Q1 to Q2. B. Because average fixed cost decreases as output increases from Q1 to Q2. C. Because average total cost first decreases, then increases as output increases from Q1 to Q2. D. Because average variable cost increases faster than average fixed cost as output level approaches Q2.