How long is the "short-run" time period in the economic analysis of the market?
A) three months or one business quarter
B) total time in which sellers already in the market respond to changes in demand and equilibrium price
C) total amount of time it takes new sellers to enter the market
D) total amount of time it takes original sellers to leave the market
B
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Small savers who only have enough money to buy a few individual financial assets can use ________ to diversify
A) mutual funds B) one company's bonds C) Treasury securities D) one company's stock
One of your classmates asserts that advertising, marketing research, and brand management are redundant expenditures because a firm can obtain the same information by simply looking at what customers are already buying
Which of the following is not a response you might offer her? A) If a firm successfully manages its brand, customers become less price sensitive as they perceive fewer substitutes for the firm's brand. B) Advertising and brand management allow a firm to create an entry barrier which will insulate the firm from competition and from undertaking further product innovations. C) Conducting market research is a good way for firms to keep abreast of changing consumer tastes and preferences. D) Marketing research could allow a firm to identify new market opportunities and at least, in the short run, a firm can make a profit supplying products to this market segment.
Figure 11-6
At its optimal output level, the profit-maximizing monopolist in Figure 11-6 will earn a profit equal to
A. zero. B. (P2? P3)Q. C. P > Q. D. (P5? P6 )Q.
The smaller the quantity and quality of complementary resources used in production,
a. the greater the demand for labor b. the greater the marginal resource cost of labor c. the lower the marginal resource cost of labor d. the lower the marginal productivity of labor e. the greater the marginal productivity of labor