Refer to the above figure. A shortage will exist when
A. quantity demanded equals 3.
B. the price equals $10.
C. the price equals $6.
D. the price is between $0 and $6.
Answer: D
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The firm in the above figure has an economic profit of ________
A) $0 B) $80 C) $160 D) more than $161 E) less than zero, that is, the firm has an economic loss
As Sam moves rightward along his indifference curve, his marginal rate of substitution
A) is diminishing. B) is increasing. C) remains constant. D) shows the change in his income.
Costs of production that change with the rate of output are
A) sunk costs. B) opportunity costs. C) fixed costs. D) variable costs.
The deregulation of AT&T was possible primarily because
a. CAB was abolished b. of satellite technology developments c. no competitors wanted to enter the market d. AT&T is a natural monopoly e. AT&T kept its monopoly on telephones, but not lines