In the long run, a firm that produces and sells textbooks gets to choose
a. how many workers to hire.
b. the size of its factories.
c. which short-run average-total-cost curve to use.
d. All of the above are correct.
d
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The table below shows the weekly supply for hamburgers in a market where there are just three sellers. Price Seller 1 Qs 1 Seller 2 Qs 2 Seller 3 Qs 3 $5 8 5 4 4 6 4 3 3 4 3 2 2 2 2 1 If seller 3 exits the market (goes out of business), then the weekly market quantity of hamburgers supplied at a price of $4 will be
A. 6 B. 9 C. 10 D. 13
When one converts nominal GDP to real GDP, one takes into account which of the following?
A. changes in the distribution of income B. changes in the quality of goods C. changes in the population D. none of these
When the price of cheddar cheese increases 15%, quantity demanded decreases 15%. The price elasticity of demand for cheddar cheese is ________ and total revenue from cheddar cheese sales will ________.
A. unit elastic; not change B. inelastic; decrease C. elastic; increase D. elastic; decrease
According to the Gordon-Growth model, what will be the percentage change in the value of the stock of a company whose current dividend is $10
00 and whose dividends had been expected to grow by 3% per year but now are expected to grow by 1% per year? A) -4.0% B) -23.7% C) -31.1% D) -66.0%