Who said, "We might as reasonably dispute whether it is the upper or the under blade of a pair of scissors that cuts a piece of paper" as whether price is set by demand or supply?
A. Thomas Carlyle
B. Alfred Marshall
C. Adam Smith
D. Edward Scissorhands
B. Alfred Marshall
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If investment in capital equipment requires two to three years between conceptualization and start-up to production, then
A) the gap between the desired capital stock and the existing capital stocks is closed slowly. B) a change in expected sales will not increase output. C) V* will be smaller than expected. D) All of the above are correct.
If average variable cost is falling, we know that:
a. marginal cost is falling. b. marginal cost is less than average variable cost. c. marginal cost is greater than average variable cost. d. marginal cost is rising.
The following question relate to a community that is circular in nature with a one mile circumference. There are 81 people evenly distributed around the lake where the town is built. The travel cost is $10 per mile, a restaurant costs $100 to set up, and the cost per meal is $2. On your graph, vertically sum the two total cost curves and show what the optimal number of restaurants should be. Use the five points calculated to sum the total cost curves. Round off small residuals to the nearest whole number.
What will be an ideal response?
A "rational terrorist" will react to the increased security at U.S. airports by
A. attacking U.S. airports. B. attacking other highly-defended targets. C. ending all attacks. D. attacking other high value U.S. interests outside the U.S.