Recall the Application. The equilibrium price of pecans increased because the demand curve shifted
A) up and to the right. B) up and to the left.
C) down and to the right. D) down and to the left.
A
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Trisha believes the production of a dress requires 4 labor hours and 2 machine hours to produce. If Trisha decides to operate in the short run, she must spend $500 to lease her business space
Also, a labor hour costs $15 and a machine hour costs $35. What is Trisha's cost of production as a function of dresses produced?
Banks act as:
A. an organizer among firms in a specific market. B. intermediaries between borrowers and savers. C. informants to various buyers about prices and contracts. D. a negotiator for buyers.
In the short run, if average variable cost equals $50, average total cost equals $75, and output equals 100, the total fixed cost must be
a. $25. b. $2,500. c. $5,000. d. $7,500.
In economics, a public good
A. Cannot be denied to consumers who have not paid. B. Is provided in an optimal amount by the market. C. Is any good produced by the government. D. Has social costs of production lower than private costs of production.