"Household production" refers to
A) goods and services people produce for themselves.
B) the manufacturing of durable household products.
C) home-based craft businesses.
D) the home building sector of the economy.
A
You might also like to view...
Everything else held constant, an increase in autonomous planned investment spending will cause the IS curve to shift to the ________ and aggregate demand will ________
A) right; increase B) right; decrease C) left; increase D) left; decrease
A competitive market is in long-run equilibrium. If demand increases, we can be certain that price will
a. rise in the short run. Some firms will enter the industry. Price will then rise to reach the new long-run equilibrium. b. rise in the short run. Some firms will enter the industry. Price will then fall to reach the new long-run equilibrium. c. fall in the short run. All, some, or no firms will shut down, and some of them will exit the industry. Price will then rise to reach the new long-run equilibrium. d. not rise in the short run because firms will enter to maintain the price.
How did the Clayton Act of 1914 differ from the Sherman Antitrust Act of 1890?
You are the manager of a firm that produces output in two plants. The demand for your firm's product is P = 120 ? 6Q, where Q = Q1 + Q2. The marginal costs associated with producing in the two plants are MC1 = 2Q1 and MC2 = 4Q2. What price should be charged in order to maximize revenues?
A. 24 B. 60 C. 2 D. 6