The time frame in which all factors of production can vary is
A. indeterminate.
B. the short run.
C. the long run.
D. the intermediate run.
Answer: C
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What would most likely happen if Moe’s were to add a seventh worker?
a. Fixed costs would increase.
b. The marginal product of labor would improve.
c. Variable costs would decrease.
d. Bagel output would see little change.
There are 30 firms in an industry. What happens to that industry's four-firm concentration when the third- and fourth-largest firms merge?
A) Nothing, because their shares are already included in the concentration calculation.
B) The industry's concentration ratio will fall.
C) The industry's concentration ratio will increase.
D) It is impossible to know without more information.
Refer to the graph shown.
If the price of Israeli shekels is $0.90, the quantity of shekels supplied is:
A. greater than the quantity demanded. This causes the shekel to gain value. B. less than the quantity demanded. This causes the shekel to lose value. C. less than the quantity demanded. This causes the shekel to gain value. D. greater than the quantity demanded. This causes the shekel to lose value.
Refer to the information provided in Figure 6.10 below to answer the question(s) that follow.
Figure 6.10Refer to Figure 6.10. The current price of a turkey sandwich is $8. If Kyle is currently buying seven turkey sandwiches a week, he ________ maximizing utility because the marginal utility ________ than its price.
A. is not; gained from the seventh sandwich is less B. is; from the seventh sandwich is greater C. is not; gained from the seventh sandwich is greater D. is; from the seventh sandwich is less