Assume a perfectly competitive industry is in long-run equilibrium at a price of $30. If this industry is an increasing-cost industry and the demand for the product increases, long-run equilibrium will be reestablished at a price
A. of $30.
B. less than $30.
C. greater than $30.
D. either greater than or less than $30 depending on the magnitude of the decrease in demand.
Answer: C
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Since 1960, infant mortality rates in the United States have
A) dropped more than 75%. B) dropped by about 20%. C) risen slightly. D) dropped by less than 5%.
It is likely that a constitutional amendment that required the government always to run a balanced budget would
a. contribute to a more stable level of output. b. mitigate the crowding-out effect. c. eliminate the economy's automatic stabilizers. d. All of the above are correct.
Which of the following would not affect an individual's demand curve?
a. expectations
b. income
c. prices of related goods
d. the number of buyers
Exhibit 6-10 Short-run cost schedule for book publisher's hourly production TotalOutput TotalVariable Cost TotalCost 0 cases of books $ 0 $200 1 100 300 2 150 350 3 250 450 4 450 650 In Exhibit 6-10, the publisher's fixed cost is equal to:
A. $0. B. $100. C. $200. D. The fixed cost cannot be determined with the information provided.