Compared to China, the U.S. rate of savings is _____ and our rate of capital formation is _____.
A. lower; lower
B. higher; higher
C. lower; higher
D. higher; lower
A. lower; lower
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If firms in a price-taker industry were forced to install antipollution devices that increased their production costs, we should expect
A) the cost curves for the firms in this industry to shift downward. B) the market price of the product to decrease. C) that the firms in the industry would suffer long-run economic losses. D) that the firms in the industry would earn normal economic profits in the long run, as the higher production costs were passed along to consumers in the form of higher prices.
If a monopolist is producing at an output rate at which P = ATC, then
A) its economic profit will be zero. B) its economic profit will be positive. C) it is maximizing its profits. D) it is minimizing its losses.
What is another term meaning the degree of operating leverage?
a. The measure of the importance of fixed cost. b. The operating profit elasticity. c. The measure of business risk. d. D.O.L. e. All of the above.
If a rise in the price x causes less y to be demanded:
a. x and y are gross complements. b. x and y are gross substitutes. c. x and y are net complements. d. x and y are net substitutes.