Which of the following statement is false based on information presented in the textbook?
A) There is evidence of a shortage in the market for kidneys (for transplants).
B) The waiting list for transplanted kidneys is used as a non-price rationing device.
C) There is a price ceiling in the market for transplanted kidneys at a price of $0.
D) In the market for transplanted kidneys the legal price is the same as the equilibrium price.
E) ?It is currently unlawful to buy or sell kidneys at any positive price.
D
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Suppose GE produces 1 million light bulbs per month While labor is variable both in the short run and the long run, capital is fixed in the short run. Labor is sold at a rate w and capital is rented at a rate r. a. On a graph with labor on the horizontal axis, illustrate the current isocost and isoquant for GE. Carefully label the slope of the isocost. b. For the rest of the problem, suppose a new tax on capital is implemented but GE intends to continue to produce 1 million light bulbs per year. What will GE do differently in the short run and the long run? Explain using your graph from part (a). c. Using your answer to part (b), explain what happens to the short run cost curve in the short run. What happens to this short run curve in the long run? Do costs rise more or less in the
long run than they do in the short run? d. Do total costs rise more or less in the long run than total expenditures do in the short run? Explain. What will be an ideal response?
Natural gas is a natural monopoly. The figure above shows the market for natural gas in the city of Lucknow. When an average cost price rule regulation is imposed, the price per household per month is ________
A) $20 and 30,000 households are served B) $40 and 40,000 households are served C) $40 and 30,000 households are served D) $60 and 20,000 households are served
Information in a firm's financial statements
A) assists investors who are considering buying the firm's stock. B) helps the firm's managers make decisions. C) guide resource allocation in the economy. D) all of the above
The higher the level of inflation, the stronger the impact of reductions in the personal income tax on real GDP
a. True b. False Indicate whether the statement is true or false