In production and cost analysis, the short run is the period of time in which one (or more) of the resources employed in the production process is fixed or incapable of being varied
a. true b. false
a
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The following equations represent the demand and supply for kumquats
QD = 60 - 3P QS = -20 + 5P What is the equilibrium price (P) and quantity (Q - in thousands) of kumquats? A) P = $20; Q = 10 thousand B) P = $5; Q = 20 thousand C) P = $30; Q = 5 thousand D) P = $10; Q = 30 thousand
Suppose there are 1000 identical wheat farmers. For each, TC = 10 + q2. Derive the market supply curve
What will be an ideal response?
Would companies and individuals invest as much in significant research and development if a system of patents were not available? a. Yes they would, because they could still hope to monopolize the market
b. Yes they would, because firms are civic-minded and highly motivated to introduce innovations that improve the standard of living. c. No they would not, because if they made a significant investment in the development, they would be unable to protect the innovations or discoveries long enough to be sufficiently compensated for their efforts. d. No they would not, because the benefits to society of engaging in research and development would be less than the costs to society.
Planned aggregate expenditure equals consumption plus planned investment.
Answer the following statement true (T) or false (F)