Which of the following would not be classified as an economic resource by economists?
A. A professional soccer player.
B. Water in a town's reservoir.
C. Money in a business checking account.
D. The manager of the local hamburger restaurant.
Answer: C
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Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. higher; potential D. lower; higher
Which of the following firms is considered a monopolistically competitive firm using the four-firm concentration ratio?Firm A: Four-Firm Concentration ratio=35%Firm B: Four-Firm Concentration ratio=25%
A. Firm A B. Firm B C. Both Firm A and Firm B D. Neither Firm A nor Firm B
Perfect Shots is company specializing in wedding photos and they have a fixed advertising budget. Perfect Shots advertises on the radio and the television and it costs $5,000 per unit of radio advertising and $14,000 per unit of television advertising. At their current advertising levels, the marginal benefit from radio advertising is $4,800 and the marginal benefit from television advertising is
$14,250. To optimally allocate their advertising budget, Perfect Shots should ________. A) decrease the amount of advertising in radio and television B) increase the amount of advertising in radio and decrease the amount of advertising in television C) decrease the amount of advertising in radio and increase the amount of advertising in television D) increase the amount of advertising in radio and television
The price that a firm's only competitor charges would be a
a. topic in microeconomics b. topic in finance c. macroeconomic topic d. topic in public finance e. normative issue