To maximize overall profit in peak-load pricing, managers must determine ________ capacity that maximizes ________ season profit.
A) long-run; peak-
B) short-run; peak-
C) long-run; off-peak
D) short-run; off-peak
A) long-run; peak-
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Suppose Carmen buys ramen noodles. To determine whether ramen noodles are a normal or inferior good for her, we must observe how Carmen
A) responds to a change in the price of a substitute for ramen noodles. B) responds to a change in the price of a complement for ramen noodles. C) responds to a change in the price of ramen noodles itself. D) responds to a change in her income. E) responds to all of the above.
A default rule:
A. is a consequence that users of commitment devices agree to if they fail to follow through with their commitment. B. defines what will automatically occur if someone fails to make an active decision otherwise. C. is a defined limit used to mark when someone is decidedly not making a good decision. D. is the defined strength of a given commitment needed to get an individual to follow through with the commitment.
Assume both the marginal cost and the average variable cost curves are U-shaped. At the minimum point on the AVC curve, marginal cost must be:
a. greater than the average variable cost. b. equal to the average variable cost. c. less than the average variable cost. d. at its minimum.
The value of the productive capacity of the assets of an economy, measured by the goods and services it can produce both now and in the future rather than by the money prices of the assets, is called:
A. real wealth. B. gross private domestic investment. C. nominal wealth. D. net investment.