According to a 1963 edition of the Effingham Daily News, Illinois Consolidated Telephone Co switched from the switchboard system to the dial system at 12:01 a.m. Sunday, Aug. 18, 1963. Thirty miles of cable supported the new high-tech system
It took four weeks to lay the telephone lines that allowed Effingham residents to directly connect to each other through the telephone. How does the switch from the switchboard system to the dial system impact the labor market for switchboard operators? A) Increased the demand for telephone operators
B) Increased the supply for telephone operators
C) Decreased the marginal productivity of telephone operators
D) Decreased telephone operators' value of marginal product
D
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Let "C = Ca + by" define the consumption function. The term "Ca" is known as
A) induced consumption. B) autonomous consumption. C) the marginal propensity to save. D) the marginal propensity to consume.
A firm's marginal cost is $30, its average total cost is $50, and its output is 800 units. Its total cost of producing 801 units is
A) less than $40,000. B) between $40,000 and $40,050. C) between $40,050 and $40,080. D) greater than $40,080.
Explain why the FDIC is following a "too-big-to-fail" policy of fully protecting all depositors at the largest banks
What will be an ideal response?
Why is a perfectly competitive firm said to be a price taker?
a. It produces such a good which is not produced by any other firm in the market. b. It faces a downward sloping market demand curve. c. The firm's individual production is insignificant relative to the production in the industry. d. There are no barriers to the entry of new firms in the industry. e. The firm's marginal-revenue curve is downward sloping.