Equilibrium quantity is _____.
55
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Suppose Larry's Lariats produces lassos in a factory, and uses nine feet of rope to make each lasso. The rope is put into a machine that automatically cuts it to the right length, then seals the ends to prevent fraying. The rope is then hand tied, dipped, and wound before being placed in a packaging machine to prepare it for retail sale. Which of the following would be considered a variable cost for this company?
A. The cost of the factory B. Employee wages C. The rope-cutting machine D. All of these expenses would be included in variable costs.
If you deposit $500 cash into your account at a commercial bank. If it faces a 10 percent required reserve ratio, as a result of your deposit, the bank will:
a. have $450 of additional excess reserves. b. be capable of lending an additional $5,000. c. be capable of lending an additional $500 d. have $50 of additional excess reserves.
As capital per worker rises, output per worker rises. However, this increase in output per worker is smaller at smaller levels of existing capital per worker
a. True b. False Indicate whether the statement is true or false
The merits of a patent system include:
A. the patent system gives firms strong incentives to take the risk of substantial research and development costs. B. the patent system may precipitate the development of new products. C. granting monopoly power through a patent may be beneficial from society's perspective. D. All of these.