The benefit of the production of capital is
a. decreased current production of consumption goods
b. increased future production of consumption goods
c. the amount of roundabout production
d. abundant capital accumulation
e. the decreased amount of future capital available
B
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To maximize net revenue, a price searcher should
A) set total revenue equal to total cost. B) set marginal revenue equal to marginal cost. C) set net revenue equal to zero. D) reduce output if marginal costs are increasing.
Suppose the labor force in Tiny Town is 100 people. If the ________ in Tiny Town is 150 people, the labor force participation rate equals ________ multiplied by 100
A) working age population; 100/150 B) working age population; 100/250 C) number of employed persons; 100/250 D) number of employed persons; 100/150
Cary increases the price of her cakes from $8 to $10 per cake, but her cash receipts decrease by 2 percent. The price elasticity of demand (in the $8 to $10 range) is
a. elastic. b. inelastic. c. 0.02. d. 0.25.
In long-run equilibrium in monopolistic competition, P = MR = MC = ATC.
Answer the following statement true (T) or false (F)