Except for perfect substitutes or perfect complements, indifference curves
A) are straight lines with a positive slope.
B) slope upward to the right.
C) are bowed in toward the origin.
D) are bowed out away from the origin.
C
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In the short run, the profit-maximizing firm will ______
A. break even if marginal revenue equals marginal cost B. make an economic profit if marginal cost is less than average total cost C. incur an economic loss if average fixed cost exceeds marginal revenue D. incur an economic loss if average total cost exceeds marginal revenue
When a firm produces more output using the same inputs or the same output using fewer inputs we say that the firm
A) experiences positive technological change. B) will hire more workers in order to produce more output. C) experiences an increase in demand. D) is operating in the short run.
Your firm sells club soda in both grocery stores and convenience stores. You have a budget of $550 for store displays, and must decide how to allocate this budget between grocery stores and convenience stores to maximize the total number of sales. The following table shows the total number of units that can be sold in grocery stores and convenience stores, according to the number of displays in each type of store. Displays in grocery stores cost $150 each and displays in convenience stores cost $100 each. 
Given the above information, and given a budget of $550, the maximum possible number of sales is
A. 2,030. B. 1,960. C. 2,500. D. 730.
Suppose an industry is composed of 10 firms. Each firm's share of total sales in the industry is 10 percent. If two of the firms merge, then the four-firm concentration ratio in the industry is
A) 40 percent. B) 45 percent. C) 50 percent. D) unable to determine.