Costs are related to output because
A) output is variable over the long run.
B) inputs are related to output.
C) some inputs are fixed.
D) inputs must be paid their opportunity costs.
B
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One way that natural monopolies are typically regulated is
a. by setting a price that makes economic profit zero. b. by forcing the firm to set price equal to marginal cost c. by setting a price that gives owners a "fair rate of return" d. by forcing the firm to set price equal to minimum average total cost e. by setting a price that maximizes the firm's economic profit
According to Kathryn Edin and Laura Lein, virtually all poor single mothers supplemented their income with money from _______________________.
Fill in the blank(s) with the appropriate word(s).
Assume the graph shown reflects demand in the automobile market. Which arrow best captures the impact of increased consumer income on the automobile market?
A. A B. B C. C D. D
Which of the following statements about markets and prices is correct?
A. In a market system, buyers and sellers must be in face-to-face contact with each other B. Prices affect the distribution of goods in a market system but not the allocation of resources C. In a market system, prices serve to ration goods and services to consumers D. The operation of a market system has little, if any, effect on the distribution of income in the economy