Which of the following is a characteristic of a competitive price-taker market?
a. Profit maximizing firms in the market will expand output until price equals average variable cost.
b. The market demand curve for the product is a horizontal line.
c. There are many firms in the market, each producing a small share of total market output.
d. The product produced by each of the firms is differentiated.
c
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Refer to the figure above. If the engineer spends his entire time producing computer programs, how many computer programs can he produce?
A) 12 B) 30 C) 45 D) 50
Faster long-term growth can be achieved by discouraging saving and encouraging consumption
Indicate whether the statement is true or false
What must balance on a balance sheet?
A) Revenues must equal costs. B) Retained earnings plus dividends paid must equal earnings per share. C) Total assets must equal total liabilities plus equity. D) All of these must balance.
A leftward shift in the supply curve of product X will increase equilibrium price to a greater extent the:
A. more elastic the supply curve. B. larger the elasticity of demand coefficient. C. more elastic the demand for the product. D. more inelastic the demand for the product.