The combinations of inputs costing a constant C dollars is called:
a. an isocost line
b. an isoquant curve
c. the MRTS
d. an isorevenue line
e. none of the above
a
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If two firms playing Cournot are identical with decreasing average costs, how should the firms divide production to maximize joint profits?
What will be an ideal response?
If a unit excise tax is placed on a good for which the demand is very unresponsive to a price change, then
A) the government generally pays the majority of the tax. B) the consumers generally pay the majority of the tax. C) the producers generally pay the majority of the tax. D) producers and consumers pay equal portions of the tax.
Curve (1) in the diagram is a purely competitive firm's:
A. total cost curve.
B. total revenue curve.
C. marginal revenue curve.
D. total economic profit curve.
Which of the following is not true regarding "exchange rate indexes?"
A) They will all show the same general trends (i.e., appreciation or depreciation). B) Neither economic theory nor practice gives a clear indication of which exchange rate is best. C) For short-term movements, there can be large differences across exchange rate indexes. D) Exchange rate indexes are used to measure the average value of a currency relative to several other currencies.