At what quantity is the firm indifferent between the two technologies?
a. 10
b. 2
c. 5
d. 8
c
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If a perfectly competitive seller is maximizing profit and is making zero economic profit, which of the following will this seller do?
A) go to work in the next-best earning opportunity B) shut down, with a loss equal to total fixed cost C) continue at the current output, making zero economic profit D) increase production in order to make an economic profit E) remain open but decrease production in order to make an economic profit
Why was a fixed price of $50 not the best way of allocating used laptops? Suggest other possible ways of distributing the laptops that would be efficient
What will be an ideal response?
Hotels in New York City frequently experience an average vacancy rate of about 20 percent (i.e., on an average night, 80 percent of their rooms are full). This excess capacity is indicative of a(n) ____ industry
a. perfectly competitive b. monopoly c. monopolistically competitive d. oligopoly
The difference between the sale value of the product and the value of the inputs that went into it is called the:
A. value-added of that stage of production. B. profit margin. C. mark up. D. value of the final product.