During the colonial period the cost of building a ship in New England was typically _________ the cost of building the same ship in England
a. greater than
b. less than
c. about equal to
d. not comparable to
b. less than
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The aggregate demand curve shows the relationship between short-run equilibrium output and the:
A. inflation rate. B. unemployment rate. C. real interest rate. D. nominal interest rate.
The last time the U.S. Post Office raised its prices for mail service critics of the rate increase argued that the Post Office's revenues would actually decline as a result of the price increase. It can be concluded that:
A) both groups believe demand is elastic, but for different reasons. B) both groups believe demand is inelastic, but for different reasons. C) the Post Office believes demand for mail service is elastic; opponents of the price increase believe demand is inelastic. D) the Post Office believes demand for mail service is inelastic; opponents of the price increase believe demand is elastic.
The price elasticity of demand for a rental home in Luxury Resorts in the summer is 1.25 and is 2.25 in the spring. If Luxury Resorts faces a constant marginal cost of $500 per home rental, what is the profit-maximizing off-peak load price to charge in the spring?
A) $1,250 B) $500 C) $2,500 D) $900
Consider a firm that uses only one fixed input and one variable input. a . Explain how this firm's TC, TVC, and TFC curves will be affected by a government tax on the fixed input. b. Explain how this firm's TC, TVC, and TFC curves will be affected by a government tax on the variable input