Which of the following is not a short-run decision for a fisherman?
a. hire more fishing crew
b. produce less fish
c. buy a new fishing boat
d. buy more bait
e. purchase less fuel for the boat
C
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When the government establishes a minimum price for an agricultural product above the equilibrium price, the government is creating a(n)
A) price ceiling. B) elevated price. C) price floor. D) surplus price.
If Gerry saves $500 per month, then Gerry's ________ will increase by ________.
A. wealth; $500 only if he has no debt B. wealth; $500 only if he buys additional assets C. wealth; $500 D. income; $500 only if he buys additional assets
Monopolistically competitive firms face a perfectly elastic demand curve
Indicate whether the statement is true or false
As a table manufacturing company produces more tables, the average total cost of each table produced increases. This could be because:
a. Total fixed costs are decreasing as more tables are produced b. There are economies of scale c. There are diseconomies of scale d. Total variable cost is decreasing as more tables are produced.