In the above figure, the long-run average cost curve exhibits diseconomies of scale
A) between 5 and 10 units per hour.
B) between 10 and 20 units per hour.
C) between 20 and 25 units per hour.
D) along the entire curve.
C
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Suppose that the basket of goods purchased by the typical consumer costs $188.80 this year and it cost $160 in the base year. The CPI in the base year would be
A) 85.11. B) 100.0. C) 118.0. D) 348.8.
Suppose you own a store that sells top-of-the-line MP3 players. You have determined that the demand function for your MP3 players is Qd = D(P) = 1200 - 4P. At what price would you sell the MP3 players if you wanted to sell 100 of them?
A. $250 B. $275 C. $280 D. $300
Which of the following causes the supply curve to shift to the left?
a. increase in consumer’s output prices b. increase in seller’s input prices c. decrease in consumer’s output prices d. decrease in seller’s input prices
Consider the following information for a family. If the income for the family is $58,000, then an increase in income by $20,000 will result in an increase in consumption by:
a. $15,000 if the MPC is 0.9. b. $10,000 if the MPC is 0.5. c. $12,000 if the MPC is 0.7. d. $1,000 if the MPC is 0.2.