The period of time over which there is at least one fixed input is the
A) calendar year.
B) long run.
C) short run.
D) market horizon.
C
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Computer memory chips are produced on wafers, each wafer having many separate chips that are separated and sold. The above table shows costs for a perfectly competitive producer of computer memory chips
If the market price of a wafer is $2,400 dollars, how many wafers will the firm produce? A) 0 B) 4 or 5 C) 3 or 4 D) 1 or 2 E) 6
Joe earns $100,000 per year. He pays a tax rate of 28 percent on the first $60,000 of income and a tax rate of 15 percent on income above $60,000. This tax system is an example of a
A) regressive income tax. B) negative income tax. C) progressive income tax. D) proportional income tax.
An individual's value for a good or service is the
a. The amount of money he or she used to pay for a good b. The amount of money he or she is willing to pay for it c. The amount of money he or she has to spend on goods d. None of the above
As a general rule, if pollution costs are external, firms will produce
a. too little of a polluting good. b. too much of a polluting good. c. an optimal amount of a polluting good. d. cannot be determined without additional information.