The shutdown decision is made in the ________________.
Fill in the blank(s) with the appropriate word(s).
short run
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In general, a firm sends a signal to consumers that their product is high quality when
A. it spends very little in advertising campaigns. B. it has low level fixed costs. C. it has high level of fixed costs. D. it gives huge discounts to large sellers.
Based on our study of market failure and government failure, the main conclusion that one should arrive at is that
What will be an ideal response?
The government of a country decides it long-run exchange rate and intervenes regularly in the foreign exchange market to keep the exchange rate at its fixed level. The country is most likely to have a ________
A) fixed exchange rate system B) dirty-float exchange rate system C) real exchange rate system D) floating exchange rate system
When the price of a good increases by 300%, the quantity supplied of the good increases from 200 units to 900 units. The price elasticity of supply of the good is:
A) 1.17. B) 1.5. C) 3. D) 4.5.