The author of the New Industrial State, who believes that managerial bureaucracy controls corporate goals and behavior, is
a. William Baumol
b. John K. Galbraith
c. Milton Friedman
d. Richard Lester
e. Lester Thurow
B
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In the short run, changes in output can only be brought about by a change in the quantity of variable inputs
Indicate whether the statement is true or false
A farmer uses M units of machinery and L hours of labor to produce C tons of corn, with the following production function C = L0.5M0.75. This production function exhibits
A) decreasing returns to scale for all output levels B) constant returns to scale for all output levels C) increasing returns to scale for all output levels D) no clear pattern of returns to scale
According the graph shown, the profit-maximizing decision of the monopolist would be:
This graph shows the cost and revenue curves faced by a monopoly.
A. Q1, P1.
B. Q1, P3.
C. Q2, P2.
D. Q1, P2.
From the viewpoint of the entire economy, the cost of government is
a. equal to the amount of taxes collected. b. greater than the amount of taxes collected. c. less than the amount of taxes collected. d. equal to the level of government expenditures.