The country Happy Land claims that it is producing everything its citizens consume. This situation is called
A. a closed economy.
B. protectionism.
C. autarky.
D. an open economy.
Answer: C
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In understanding and analyzing "market supply," we focus on how much all firms
A. will supply in the future at various prices. B. want to supply at a given price. C. are willing and able to supply at different prices. D. have sold in the recent past at various prices.
A manager of a clothing firm is deciding whether to add another factory in addition to one already in production. The manager would compare a. The total revenue gained from the two factories to the total costs of running the two factories
b. The marginal revenue expected from the second factory to the total costs of running the two factories. c. The marginal revenue expected from the second factory to the marginal cost of the second factory. d. The total revenue gained from the two factories to the marginal costs of running the two factories.
_____ refers to an enforceable set of promises to take certain actions over the future
a. A bond b. A contract c. A capitation fee d. A collusion
If the price elasticity of supply is inelastic, which of the following could be a possible value of the elasticity?
A. 3 B. 1 C. 0.3 D. -0.3