Some nonprice determinants of supply are:
A. prices of related goods, technology, prices of inputs, expectations, and the number of sellers.
B. consumer preferences, the price of the good, and prices of related goods.
C. expectations of sellers and number of buyers in the market.
D. prices of related goods, technology, and consumer preferences.
A. prices of related goods, technology, prices of inputs, expectations, and the number of sellers.
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Which of the following is an example of an investment?
a. A company placing cash reserves in a bank. b. A company buying Yahoo shares. c. A company augmenting its production capacity. d. A company issuing bonus shares.
Fixed costs are
A. not actually costs since they do not affect the decisions of a firm. B. costs that never change. C. costs that increase at a constant rate when output increases. D. costs that a firm incurs even when output is zero.
Consumer surplus is defined as
A. the value that the consumer places on a good over the amount they pay for it. B. the money that the producer gets from a good over the amount they are willing to sell it for. C. when quantity demanded is greater than quantity supplied. D. when quantity supplied is greater than quantity demanded.
In the short run, the profit-maximizing firm will ______
A. break even if marginal revenue equals marginal cost B. make an economic profit if marginal cost is less than average total cost C. incur an economic loss if average fixed cost exceeds marginal revenue D. incur an economic loss if average total cost exceeds marginal revenue