Firms have ________ over their ________ costs in the short run.
A. control; overhead
B. control; fixed
C. no control; variable
D. no control; fixed
Answer: D
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Which of the following factors would be the most useful in determining the structure of a market?
a. the number of firms in the market b. the price of the product sold in the market c. the size of the physical structure d. the geographical dispersion of the market e. the age of the market
The OPEC-designed oil price increases caused the cost of producing almost everything in our economy to increase, resulting in
a. demand-pull inflation b. cost-push inflation c. deflation d. depression e. increased leveraged buyouts
Answer the following statement(s) true (T) or false (F)
1. Based on the benefit-cost analysis of the Clean Water Act presented in the text, Total Social Benefits (TSB) exceed Total Social Costs (TSC) and hence U.S. water quality standards are set at the allocatively efficient level. 2. According to the benefit-cost analysis of the Clean Water Act presented in the text, water quality standards set by the Clean Water Act are too stringent. 3. Receiving water quality standards and total maximum daily loads are equivalent. 4. Mercury is the leading pollutant for U.S. bays and estuaries. 5. Technology-based effluent limitations are defined by a states’ receiving water quality standard.
If we look at real and nominal interest rates in the United States since 1971, we see that
A) the real interest rate has almost always been less than the nominal interest rate because of inflation. B) at times the nominal interest rate has been greater than the real interest rate and at times has been less than it. C) the difference between the nominal and real interest rates has widened during the 1990s because of inflation. D) the nominal interest rate has always been less than the real interest rate because of inflation. E) both the nominal and real interest rates were negative in the highly inflationary 1970s.