If an industry's long-run per-unit costs decrease as its output increases then
A) the firm's long-run economic profits must be less than zero.
B) the firm is most likely a decreasing-cost industry.
C) the firm is most likely an increasing-cost industry.
D) the firm is most likely a constant-cost industry.
Answer: B) the firm is most likely a decreasing-cost industry.
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When a monopolist faces a fixed marginal cost of production, profit is maximized if:
a. the slope of the tangent to the total revenue curve is equal to the slope of the total cost curve. b. the slope of the total cost curve is 1. c. the marginal revenue is zero. d. the slope of the tangent to the total revenue curve is equal to the slope of the marginal revenue curve.
income expressed in current year dollars
What will be an ideal response?
All of the following are examples of nonprice rationing devices EXCEPT
A) price controls. B) queues. C) black markets. D) waiting lists.
Consumption goods are
A. a form of investment. B. goods purchased from savings. C. goods purchased by households for immediate use. D. a form of capital goods.