A fixed resource is one that
A) is physically tied to a specific location.
B) costs more than the average daily revenue of the firm.
C) cannot be varied in the short run.
D) can be disposed of only if the firm goes out of business.
Answer: C
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Refer to Figure 12-8. Suppose the market price is $120. Which of the following is true?
A) The firm earns a profit equal to the area A. B) The firm suffers a loss equal to the area A. C) The firm earns a profit equal to the area A + B. D) The firm will break even.
Pookie's Pool Cleaning Service uses only one variable input, chlorine. Pookie?s ________ curve for chlorine in the short run is the input?s marginal revenue product curve.
A. total product B. supply C. demand D. marginal product
The marginal revenue product is
a. TR/P b. w/Q c. MPP × P d. MRP × P e. w × L
Refer to Figure 26-12. In the dynamic AD-AS model, if the economy is at point A in year 1 and is expected to go to point B in year 2, the Federal Reserve would most likely
A) not change interest rates. B) increase the inflation rate. C) increase interest rates. D) decrease interest rates.