Starting from long-run equilibrium, an increase in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential
B. higher; higher
C. lower; higher
D. higher; potential
Answer: D
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According to the figure shown, Adidas:
A. should charge a low price, regardless of what Nike chooses to do.
B. should charge a high price, regardless of what Nike chooses to do.
C. does not have a dominant strategy.
D. should take the first-mover advantage and charge a low price.
A firm in a monopolistically competitive market is usually indifferent to an additional customer walking through the door, since a sale to that customer will not increase the firm's profit
a. True b. False Indicate whether the statement is true or false
Which of the following expressions is correct?
a. marginal cost = (change in quantity of output)/(change in total cost) b. average total cost = (total cost)/(quantity of output) c. total cost = variable cost + marginal cost d. average variable cost = (quantity of output)/(total variable cost)
Which is the most accurate statement?
A. The poverty of older Americans is much greater than the problem of child poverty. B. Public assistance has been considered a great success. C. Medicare and Medicaid date back to the New Deal of the 1930s. D. Less than half of those eligible receive food stamps.