If factor prices decrease:
a) a firm will move down along its long-run average cost curve only.
b) a firm will move down along both its long-run and short-run average cost curves.
c) both the long-run and short-run average cost curves will shift downward.
d) there will be no change in the cost curves in the long run.
e) there will be a downward shift in the long-run average cost curve but not in the
short-run average cost curve.
Ans: c) both the long-run and short-run average cost curves will shift downward.
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Compare and contrast the principles of utilitarianism, Rawlsianism and egalitarianism. Discuss the assumptions of each and the difficulties societies might face while trying to conform to them.
What will be an ideal response?
A fundamental principle of economics is that every choice has a(n) _____________ cost.
a. established b. variable c. fixed d. opportunity
Refer to the table below. In the long run the firm should use plant size ATC-3 for what level of output?
Plant sizes get larger as you move from ATC-1 to ATC-4.
A. Less than 3000
B. 3000 to 3500
C. 4000 to 4500
D. 5000 to 5500
The table below shows the weekly supply for hamburgers in a market where there are just three sellers.PriceSeller 1 Qs 1Seller 2 Qs 2Seller 3 Qs 3$5854464334322221If there were 100 sellers in the market, each with a supply schedule identical to seller 2 in the table above, then the weekly quantity of hamburgers supplied in the market at a price of $5 would be
A. 300. B. 500. C. 400. D. 200.