Late in the 2000–2009 decade, real estate prices in the U.S. fell by a greater percentage than they had fallen since the
a. 1890s.
b. 1930s.
c. 1950s.
d. 1970s.
b
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The costs of production include:
A. accounting costs. B. accounting costs and opportunity costs. C. the opportunity costs foregone by producing a given product. D. the costs that appear on the income statements.
At what level of output do consumers demand fewer goods than businesses are producing?
a. Y1
b. Y*
c. Y2
d. 0
The price of a firm's product is $6 and the firm faces a constant marginal cost of $4 that is equal to its (constant) average total cost. If the firm does not sell a unit of its product on the day it was produced, it is sold in a secondary market for a price of $3. If the firm does not sell a unit of its product on the day it was produced, there is a ________ of ________ per unit not sold.
A) loss; $2 B) loss; $1 C) profit; $1 D) profit; $2
Which of the following is NOT a feature of monopolistic competition?
A) significant numbers of sellers in a highly competitive market B) differentiated products C) sales promotion and advertising D) inability of firms to enter or exit the market