Which of the following statements describes the experiences of Corning, Inc since it was established in 1851?
A) long-run growth interrupted by periods of business cycle recession
B) strong uninterrupted growth in demand
C) little or no growth in the long run, but very vulnerable to the business cycle
D) little or no growth in the long run, and unaffected by the business cycle
A
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If the government wishes to provide a natural monopolist with a "fair" rate of return, it will force the firm to set
a. P = MC b. P = AC c. P = MR d. P = AVC e. MR = MC
Some colleges charge for student parking. Currently, your college does not charge for parking but the administration announced a possible charge of $2 per day. You are not sure when the new parking policy will start; therefore you decide to keep a $5 bill in your wallet. You hold to $5 for the:
A. impulsive motive. B. money creation motive. C. speculative motive. D. precautionary motive.
Refer to the above table. Which of the following statements is correct?
A. The table follows economic principles because in an increasing cost industry, increases in a variable input will lead to increase in output. B. The table does not follow economic principles because in an increasing cost industry, increases in a variable input will lead to decrease in output. C. The table does not follow economic principles because the law of diminishing marginal product predicts that increase in a variable input will eventually lead to an increase in the marginal physical product. D. The table follows economic principles because the law of diminishing marginal product predicts that increase in a variable input will eventually lead to a decrease in the marginal physical product.
Which of the following is true?
A. The average total cost curve is U-shaped. B. The average variable cost curve is U-shaped. C. Neither option is correct D. Both options are correct