Which of the following is not an input to production?
a. Technology
b. Labor
c. Physical capital
d. Producer expectations about future prices
d
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Refer to Figure 12-9. At price P3, the firm would
A) lose an amount less than fixed cost. B) lose an amount more than fixed cost. C) break even. D) lose an amount equal to its fixed cost.
"Demand" is best defined as the relationship between:
A) the price of a good and the quantity consumers are willing and able to buy at each price level. B) the current price of a good and the quantity demanded at that price. C) the quantity supplied and the price people are willing to pay for a good. D) the amount of income someone has and the price he is willing to pay for a good.
Fred runs a fishing lodge and has a very profitable business during the summer. In the fall, the number of guests at the lodge starts to decline. Fred should keep the lodge open:
A. only during those months in which his total revenue exceeds his fixed cost. B. all year because his summer profits offset any losses he might have in the winter. C. only during those months in which his total revenue exceeds his total cost. D. only during those months in which his total revenue exceeds his variable cost.
The longer any price change persists, the
A. more likely price will return to its original level. B. greater is the price elasticity of demand. C. more difficult it is to alter quantity demanded. D. lower is the price elasticity of demand.