When a dinner in Bulgaria costs 120 Bulgarian levas, it will cost a U.S. resident ________ dollars, if the exchange rate is 1.2 Bulgarian levas to the dollar.
A. $10
B. $100
C. $120
D. $150
Answer: B
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If a marginal cost pricing rule is imposed on the firm in the figure above, the deadweight loss will be
A) zero. B) $100. C) $200. D) $50.
Discounting involves dividing next-period income by ________
A) one plus the real rate of interest B) the nominal rate of interest C) current income D) the real rate of interest
Concerning the maximization of output subject to a cost constraint, which of the following statements (if any) are true?
a. At the optimal input combination, the slope of the isoquant must equal the slope of the isocost line. b. The optimal solution occurs at the boundary of the feasible region of input combinations. c. The optimal solution occurs at the point where the isoquant is tangent to the isocost lines. d. all of the above e. none of the above
What will happen in the long run if businesses in perfect competition are experiencing losses?
A. Some sellers will go out of business, causing supply to decrease and prices to fall. B. Some sellers will go out of business, causing demand to increase and prices to rise. C. Some sellers will go out of business, causing supply to decrease and prices to rise. D. Some sellers will go out of business, causing demand to increase and prices to fall.