Joey's lawncutting service recently traded in its push mowers for gasoline-powered mowers. Joey still requires one worker per lawnmower; however, more grass is now cut in the same amount of time as before. This is an example of
A) labor-saving technical change.
B) non-neutral technical change.
C) neutral technical change.
D) organizational change.
C
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The incidence of sales tax is determined by the
A) level of government (for example, local, state, or federal) which imposes the tax. B) federal government in all cases. C) greed of the sellers. D) price elasticities of supply and demand.
The Federal reserve prefers to use open market operations because
a. it allows for small changes. b. its effects are well understood. c. it is easy to conduct. d. both a and b. e. all of the above.
Figure 11-5
Crown Theater is the only movie theater in the city. Its cost and revenue curves are shown in Figure 11-5. Monopolist Crown Theater would set the price of its tickets at
A. $7.50. B. $6.00. C. $4.50. D. $3.00.
In the long run, a monopolistically competitive firm produces at minimum average cost
a. True b. False Indicate whether the statement is true or false