How long does it take a firm to get to the long run?
a. one week
b. one month
c. one year
d. it depends on the firm--some firms may be less than a year, some more.
d
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Minneapolis business Rogue Chocolatier sells specialty chocolate bars with a high cocoa content. Rogue can produce 15 chocolate bars per day with one employee, 29 with 2, 35 with 3 and 40 with 4 employees. Which statement is TRUE?
A) Rogue's marginal product curve decreases continually. B) Rogue's marginal product curve initially increases and then decreases. C) Rogue's total product curve increases at an increasing rate. D) Rogue's marginal product curve decreases initially and then increases.
In an effort to discover whether or not workers understand inflation, economist Robert Shiller conducted a survey. When asked about the effect of general inflation on their wages or salary, the most popular response coming from workers was,
A) "My wages usually catch up to rising prices within a year." B) "My wages have always increased by more than the rate of inflation." C) "The price increase will create extra profit for my employer.... There will be no affect on my pay." D) None of the above is correct.
In general, activists are ________ about the ability of fiscal and monetary policies to stabilize AD and non-activists are ________
A) pessimistic; optimistic B) optimistic; optimistic C) pessimistic; pessimistic D) optimistic; pessimistic
One of the defining characteristics of an oligopoly is that:
A. one firm's behavior can affect the others' profits. B. all firms act independently to create a monopoly outcome. C. all firms act independently to create a perfectly competitive outcome. D. None of these statements is true.