Costs that are "fixed":
A. depend on what timescale you are thinking.
B. are those that will never change.
C. vary with output, but not with resource prices.
D. None of these is true.
A. depend on what timescale you are thinking.
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A repeated cross-sectional data set
A) is also referred to as panel data. B) is a collection of cross-sectional data sets, where each cross-sectional data set corresponds to a different time period. C) samples identical entities at least twice. D) is typically used for estimating the following regression model Yit = ?0 + ?1Xit + ?2W1,it + ... + ?1+ rWr,it + uit
Use the following graph showing short-run cost curves for a perfectly competitive firm to answer the next question.
At what price would the firm generate the same profit or loss whether it chooses to produce or not?
A. P1 B. P2 C. P3 D. P4
A(n) ________ industry is characterized by strategic behavior.
A. oligopolistic B. monopolistic C. monopolistically competitive D. perfectly competitive
In the long run, the economic profits of a monopolistically competitive firm
A) will tend to be larger than in the short run. B) equal zero. C) will be the average short-run profits earned in the last five years. D) will be the same as in the short run.