A positively sloped long-run average total cost curve means there are economies of scale
Indicate whether the statement is true or false
F
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The short run is a time period during which
A) some of the firm's resources are fixed. B) all of the firm's resources are fixed. C) all of the firm's resources are variable. D) the fixed cost equals zero. E) the firm cannot increase its output.
Marginal revenue equals the price of the last unit sold for the
a. perfect price discriminator b. firm in monopolistic competition c. oligopolistic price leader d. foreign-owned domestic producer e. export producer
Which of the following statements is correct?
a. Interest would not exist in a nonmonetary economy. b. The present value of a future dollar payment is directly related to the interest rate. c. The present value of a fixed dollar payment to be received in the future will decline as the length of the time before the payment will be received increases. d. During an extended inflationary period, the money (or nominal) interest rate will usually be lower than the real rate of interest.
Alexandra consumes only caviar and champagne, but she does have a limited income of $400. Her current consumption choice is 5 ounces of caviar, at a price of $50 per ounce, and 6 bottles of champagne, at $25 each. The last ounce of caviar added 100 units to Alexandra's total utility, while the last bottle of champagne added 75 units. If Alexandra chooses 4 ounces of caviar and 8 bottles of champagne instead her total utility will:
A. increase by 100 units B. decrease by 150 units C. increase by 50 units D. decrease by 100 units E. increase by 150 units