In the long run, the economy needs applied research geared toward specific products more than it needs basic research, which is not motivated by or directed toward manufacturing
a. True
b. False
Indicate whether the statement is true or false
False
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A network effect exists whenever
A) a firm's willingness to produce a particular good or service is influenced by the costs of inputs it must utilize in order to manufacture the item. B) a consumer?s willingness to purchase a particular good or service is influenced by how many others also buy or have bought the item. C) a firm's willingness to purchase a particular factor of production depends on the other types of inputs it utilizes to manufacture an item. D) a consumer's willingness to purchase a particular good or service is influenced by the prices of other complementary or substitute items.
The figure above shows the demand and cost conditions for a firm with two plants. What is the profit-maximizing price?
A. $20 B. $30 C. $40 D. $50 E. $60
In a two-commodity world, balanced growth in a country decreases its willingness to trade because the country becomes self-sufficient in the production of both the goods.
Answer the following statement true (T) or false (F)
Assume that a perfectly competitive market is in long-run equilibrium. Suppose as a result of a health hazard associated with the industry's product, demand decreases drastically. What is the immediate result of this event?
A) The market price falls and the typical firm suffers an economic loss. B) The market supply increases to offset the fall in demand. C) The typical firm's average total cost curve shifts downward. D) The typical firm's marginal cost curve shifts to the left.