A local playground equipment company plans to operate out of its current factory, which is estimated to last 30 years. All cost decisions it makes during the 30-year period
a. are long-run decisions.
b. are short-run decisions.
c. involve only maintenance of the factory.
d. are zero because the cost decisions were made at the beginning of the business.
b
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The final goods businesses keep for themselves are called
A) assets. B) savings. C) investment. D) sunk costs. E) intermediate goods.
Which statement about price elasticity of demand along a linear demand curve is true?
A. As the quantity demanded increases, so does the buyer's sensitivity to price. B. When price elasticity of demand is equal to 1, consumers are indifferent to subtle price changes. C. The ratio of current price to quantity demanded is a good estimate of the elasticity of demand. D. As the prices of goods increase, the elasticity of demand increases.
Because two percent of the largest farms grow half of all of the grain in the United States, the grain industry is technically classified as an oligopoly
Indicate whether the statement is true or false
In a city that has rent control for apartments, there is
A) less turnover of apartments. B) a surplus of apartments available to rent. C) a shortage of renters in the city. D) neither a surplus nor a shortage of apartments.