It is not possible for a regulated public utility to earn economic profits in the short run
a. True
b. False
Indicate whether the statement is true or false
False
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If a production function is represented as q = L? K?, the long-run average cost curve will be horizontal as long as
A) ? + ? = 0. B) ? + ? = 1. C) q > 0. D) L = K.
Which of the following does not help explain the direction the quantity of aggregate goods demanded changes when the price level decreases?
a. consumer wealth rises b. borrowing rises c. each dollar is worth more domestic goods d. the dollar appreciates relative to other currencies
Above is a firm's average product of labor and marginal product of labor curves. The price of labor is $60 per unit. When the firm uses 6 units of labor, what is marginal cost?
A. $0.25 B. $7.06 C. $10.25 D. $5 E. $6.67
Which prices are used to measure goods and services in calculating the nominal GDP?
A. past years prices B. current prices C. average prices D. projected prices