Regardless of quantity in long-run equilibrium, the industry price cannot exceed the
a. long-run average cost of supplying that quantity.
b. total variable cost of supplying that quantity.
c. long-run total cost of supplying that quantity.
d. minimum long-run marginal cost of supplying that quantity.
a
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Refer to the scenario above. Which of the following is likely to be true in this case?
A) A unique Nash equilibrium will occur. B) A socially inefficient equilibrium will occur. C) Multiple equilibria will occur. D) A dominant strategy equilibrium will occur.
As the quantity of labor increases, the marginal product of labor
A) is constant. B) increases. C) decreases. D) may either increase or decrease.
Assuming the free flow of capital across borders, explain why a country that has a fixed exchange rate cannot have an independent monetary policy reaction curve.
What will be an ideal response?
You rent a DVD of The Dark Knight Rises. The rental is for seven days and you watch the movie on the first day. You tell a friend about the film and your friend asks to come over and watch the movie with you before it is due back. What is your opportunity cost if you decide to watch the movie a second time instead of going to a football game?
A. the entire cost of the movie rental, since you have already watched the movie B. one half the rental cost, because you have already watched the movie one time C. zero, because you already paid for the rental. D. the football game you forego by watching the movie again