Refer to Figure 24-3. Which of the points in the above graph are possible short-run equilibria?
A) A and B B) A and C C) A and D D) A, B, C, and D
D
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Suppose the cost to erect a tornado siren in a small town is $15,000 . In addition, suppose the value of a human life is $10 million. By what percentage would the siren need to reduce the risk of a fatality for the benefits of the siren to exceed the costs of the siren?
a. By at least 0.015 percentage points. b. By at least 0.15 percentage points. c. By at least 1.5 percentage points. d. By at least 5 percentage points.
Hank requires 1 hour to cut 0.5 acres of grass and 1 hour to clean one house. His sister Holly requires 1 hour to cut 0.5 acres grass and 2 hours to clean one house. Which of the following statements is true?
a. Hank has a lower opportunity cost of cutting the grass. b. Hank has a comparative advantage in both cutting the grass and cleaning the house. c. Holly has a comparative advantage in cutting the grass. d. Hank and Holly both have a comparative advantage in cutting the grass.
If the money prices of resources changes, the SAS curve shifts
Indicate whether the statement is true or false
Suppose Cournot duopolist firms operate with each having a cost of 30qi (i = 1,2 ) so that each firm's marginal cost is 30. The inverse market demand curve is P = 120 - Q where Q = q1 + q2. At the Nash-Cournot equilibrium, the market price, P, is
A) 30. B) 45. C) 60. D) 90.