Equilibrium quantity is _____.
Fill in the blank(s) with the appropriate word(s).
40
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The _____________ the size of the potential customer base for a given product (for example, music), the ______________ is the variety of goods we are likely to see
A) larger; greater B) smaller; smaller C) larger; smaller D) smaller; greater E) a and b
Exhibit 7-1 Quantity and total revenue data for a firm Quantity Total Revenue 0 $ 0 1 62 2 124 3 186 Exhibit 7-1 indicates that this firm is operating in which type of market structure?
A. The market structure cannot be determined from the information given. B. monopoly C. perfect competition D. monopolistic competition
If a firm shuts down in the short run
A. it will lose its operating costs. B. it will incur only its explicit costs. C. its losses will be equal to zero. D. it will incur its fixed costs.
Other things being equal, which of the following is a necessary consequence of a depreciation of the U.S. dollar against other currencies?
A. The terms of trade will move in favor of the United States B. The United States will experience an increase in the volume of imports C. International speculators will buy U.S. dollars and sell other currencies D. U.S. exports will become cheaper relative to other nations' products