________ argued for a tax on consumption instead of on income because the standard of living depends not on income, but on how much is consumed.
A. Irving Fisher
B. John Rawls
C. Ben Bernanke
D. Thomas Hobbes
Answer: D
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A perfectly competitive firm in a constant-cost industry produces 3,000 units of a good at a total cost of $36,000. The prevailing market price is $15
What will happen to the number of firms in the industry and to the industry's output in the long run? A) The number of firms remains constant and the industry's output decreases. B) The number of firms and the industry's output increase. C) The number of firms remains constant and the industry's output increases. D) The number of firms and the industry's output decrease.
If the price of one input changes, generally the firm will change its use of both inputs
a. True b. False Indicate whether the statement is true or false
Use a model of the dollar-euro foreign exchange market to illustrate how the value of the dollar is determined in terms of the euro. Identify two factors that would increase the value of the dollar in terms of the euro.
What will be an ideal response?
A firm with two plants, A and B, has the following estimated demand and marginal cost functions:Qd = 120 - 10PMCA = 4 + (1 / 5)QAMCB = 6 + (1 / 10)QBWhat is the firm's marginal revenue function?
A. MR = 12 - (1/5)Q B. MR = 120 - 20Q C. MR = 12 - (1/5)P D. MR = 120 - 20P . E. none of the above