According to the new growth theory
A) technology should be considered as a factor of production.
B) technology is a natural by-product of invention.
C) technology plays a minor role in economic development.
D) technology provides few rewards to the society.
Ans: A) technology should be considered as a factor of production.
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A monopolistically competitive firm is currently charging a price of $10 and producing 12,000 units/month. It faces monthly fixed costs of $15,000 and has an average variable cost of $6/unit. In the long run, we would expect:
a. The firm to go out of business b. The price will rise and output will fall c. The price will fall and output will fall d. The price will fall and output will rise
Sheila is at her favorite Mexican restaurant. She’s trying to decide between the chips and salsa, which cost $2.99, and the chips and guacamole, which cost $8.99. She loves guacamole, but the price seems high. How can she use the concept of marginal utility to make her decision?
a. She should compare how much she would enjoy three orders of chips and salsa to how much she would enjoy one order of guacamole. b. She should order the guacamole as long as she likes it at least three times as much as the chips and salsa. c. As long as she likes guacamole more than salsa, she should order the guacamole; price is irrelevant to marginal utility. d. She should order the chips and salsa until its marginal utility falls to the level of guacamole and then begin ordering the guacamole.
A one-year Treasury bill with a face value of $1,000 and an annual yield of 5 percent sells for approximately
A) $1,005. B) $995. C) $952. D) $948.
A single-price monopolist with a positive marginal cost will maximize profit by producing where
A. demand is price inelastic. B. demand is price elastic. C. demand is unit elastic. D. Any of these may apply.