Inefficient resource allocation is a major problem with monopolies
a. True
b. False
Indicate whether the statement is true or false
True
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Wealth increases as a result of ________ and/or ________.
A. positive saving; crowding out B. positive saving; capital gains C. positive saving; capital losses D. negative saving (borrowing); capital gains
You should do this problem in three steps. First: Fill in Table 1. Assume fixed cost is $1000 and price is $575. Second: Draw a graph of the firm's demand, marginal revenue, average variable cost, average total cost, and marginal cost curves on a piece of graph paper. Be sure to label the graph correctly. On the graph, indicate the break-even and shutdown points and the firm's short-run and long-run supply curves. Third: Calculate total profit in the space below, then answer questions a through d. (a) The minimum price the firm will accept in the short run is $_______. (b) The minimum price the firm will accept in the long run is $_______. (c) The output at which the firm will maximize profits is _______. (d) The output at which the firm will operate most efficiently is ________.
Table 1:
Table 2:
Using above table, the market price of the textbook is
A. $40.00. B. $118.90. C. $32.00. D. $78.90.
Injunctions are good remedies for problems where damage has already occurred.
Answer the following statement true (T) or false (F)