For a perfectly competitive firm, the long-run supply curve is the long-run average cost curve.
Answer the following statement true (T) or false (F)
True
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Why are prices for groceries and household items typically higher at a 24-hour convenience store compared to stores open from 6 am to 11 pm?
A) Shoppers' options are generally fewer in the middle of the night. B) The elasticity of demand of the middle-of-the-night shopper is typically higher than the mid-day shopper's elasticity. C) The owners of the 24-hour stores are typically more selfish than the others. D) The owners of the 24-hour stores are more interested in maximizing net revenue compared to the others.
The value of marginal product (VMP) of an input such as labor is the
A) additional output produced by the last unit of an input. B) total revenue divided by the units of the input employed. C) extra revenue gained by selling one more unit of output. D) extra revenue gained by employing one more unit of the input.
Other things remaining unchanged, which of the following is a determinant of the quantity supplied of a good?
a. The cost of inputs used in production b. The price of the product c. The income levels of consumers d. The price expectations of producers e. The preferences of consumers
Dissaving occurs when:
a. disposable income is greater than consumption. b. consumption is greater than disposable income. c. consumption is equal to disposable income. d. consumption is greater than personal income. e. consumption is less than personal income.