If firms in an industry differentiated their products and made economic profits in the short-run, what other characteristic would be important to determine if this is an oligopoly or a monopolistically competitive market?
A) the number of firms in the market
B) the number of close substitutes for the good being produced
C) the number of buyers in the market
D) if the good being sold is a normal or inferior good
A
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As a result of a tariff on imports,
a. imports will fall, exports will fall, and total output will decline. b. imports will fall, exports will rise, and total output will decline. c. imports will rise, exports will fall, and total output will expand. d. imports will rise, exports will rise, and total output will expand.
On average, your firm receives 62 checks a day from customers. These checks, on average, are worth GHS 39.90 each and clear the bank in 1.5 days. In addition, your firm disburses 38 checks a day with an average amount of GHS 89.50. These checks clear your bank in 2 days. What is the average amount of the collection float?
A) $2,473.80 B) $3,401.00 C) $3,710.70 D) $5,101.50 E) $6,802.00
(Appendix) In the production function Q = 10L1/2K1/2 calculate the marginal product equations of both inputs.
What will be an ideal response?
Anita is studying for history and economics. Based on the production possibilities curve, if Anita uses her study time to get the same grade in each class, what will that grade be?
a. A
b. B
c. C
d. D