Refer to the data provided in Table 9.3 below to answer the following question(s).
Table 9.3qTFCTVCTCMCAVCATC0$100 $0$100 ---- -- 1100401404040 140 21006016020 30 80 31009019030 30 63.334100124 224 343156 5100180 280 56 36 56 6100 264 364 84 44 60.677100 372 472 108 53.14 67.43Refer to Table 9.3. If the market price is $84, then in the long run the firm will
A. operate and expand.
B. operate but not expand.
C. shut down, but not go out of business.
D. go out of business.
Answer: A
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An amusement park is an example of a pure private good
Indicate whether the statement is true or false
The condition, MRS1,'C' = w ', describes the representative consumer's
A) investment decision. B) consumption - savings decision. C) current period work - leisure decision. D) future period work - leisure decision.
Given the production possibilities schedule in the above table, a combination of 75 televisions and 60 personal computers
A) is attainable but involves the unemployment of some of society's resources. B) clearly illustrates the trade-off between televisions and computers. C) cannot be produced by society, given its current level of resources and production technology. D) can be produced only if society is willing to have some of its resources used inefficiently.
Which of the following is not a function of government?
a. promotion of competition b. stabilization to achieve the macroeconomic goals c. redistribution of income through taxation and transfer payments d. production of public goods e. providing the economy's private goods