Much of the responsibility for implementing and enforcing equal employment opportunity has been taken over by individuals and the courts
Indicate whether the statement is true or false
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A perfectly competitive firm will shut down when the price is just below the minimum point on the
A) average fixed cost curve. B) average total cost curve. C) marginal cost curve. D) average variable cost curve. E) marginal revenue curve.
A firm uses workers, land, and machinery for its production process. Which of the following statements is then true?
A) The only way the firm can change its output level in the long run is by changing the number of workers. B) The only way the firm can change its output level in the long run is by changing the amount of land it owns. C) The only way the firm can change its output level in the long run is by changing the amount of machinery. D) The firm can change its output level in the long run by changing any or all of its three inputs.
The change from prescriptive rights to priority rights meant all of the following except
(a) Entrepreneurial costs of economic development, such as river and lake pollution, had to be paid by those who were responsible for the costs. (b) The courts encouraged entrepreneurial activity by judicial interpretation. (c) Amenity rights to scenery, clear air and quiet enjoyment could be reduced. (d) Judges placed social weights upon property rights that favored some more than others.
Which of the following is a characteristic of a monopoly market?
A) many firms B) one firm C) easy entry D) Firm is a price taker.