Which of the following characteristics does not contribute to the identification of specific market structures?
a. number of firms
b. ease or difficulty of entry
c. complementarity of goods
d. control over price
e. substitutability of goods
C
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Fixed costs are those costs that are
A. unchanging through time. B. independent of the amount of output a firm produces in the short run. C. zero if the firm produces no output in the short run. D. dependent of the amount of output a firm produces in the short run.
If the government grants tax credits to first-time homebuyers, the supply of houses would increase and the price of housing would fall.
Answer the following statement true (T) or false (F)
If the production possibilities curve is a straight line: a. opportunity costs increase as output of either commodity is expanded
b. resources are not equally substitutable between the production of the goods. c. opportunity costs are negative. d. as an increasing quantity of resources are shifted from one manufacturing process (good Y) to another (good X), there is no increase in opportunity cost.
As an individual consumes more of a product within a given period of time, it is likely that each additional unit consumed will yield
A. the same amount of satisfaction. B. less satisfaction for a while and then start to add more satisfaction. C. successively less satisfaction. D. successively more satisfaction.