Refer to the data provided in Table 9.1 below to answer the question(s) that follow.
Table 9.1
Refer to Table 9.1. If the market price is $17, then in the short run the firm will
A. operate and expand.
B. operate but not expand.
C. shut down, but not go out of business.
D. go out of business.
Answer: B
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Suppose all firms in an industry are identical. In the long run, entry and exit guarantee that all firms will have zero
a. marginal cost. b. average cost. c. economic profit. d. accounting profit.
With a given level of GDP, a decrease in the size of population would cause:
A) GDP per capita to decrease. B) life expectancy to decrease. C) GDP per capita to increase. D) life expectancy to increase.
A decrease in the price of a foreign currency is represented graphically as
a. rightward movement along the demand curve for that currency b. an upward shift of the demand curve c. a downward shift of the demand curve d. a horizontal line e. a vertical line
In a monopolistic competitive industry, how does a small appliance firm differentiate its products by emphasizing intangible aspects?
a. By offering a money-back guarantee b. By selling products through major retailers c. By offering products in multiple colors d. By offering discounts on new models