If ________, a firm would operate in the short run and exit the industry in the long run.
A. TR > TVC but TR < TC
B. TR < TC and TR < TVC
C. TR = TVC but TR > TC
D. TR > TVC and TR > TC
Answer: A
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The demand for the services of labor ________ a derived demand and the demand for the services of land ________ a derived demand
A) is; is B) is; is not C) is not; is D) is not; is not
Sophia sits behind Gabriel on an airplane. Gabriel owns the right to recline his seat and values this right at $10 . Sophia values a non-reclined seat in front of her at $20 . Assuming no transaction costs, an efficient solution would be for Sophia to pay Gabriel $15 to not recline his seat
a. True b. False Indicate whether the statement is true or false
When we drive a car we own, we incur not only a private cost, but also a(n) ________ cost.
Fill in the blank(s) with the appropriate word(s).
Which statement is false?
A. Americans savings rate may not have been so low were it not for Social Security. B. widespread home ownership has lowered Americans savings rate. C. the U.S. suburban lifestyle has made it very difficult to save for most families. D. Americans savings rate increased during the 1990's and early 2000's.