The firm's short-run supply curve begins at an output of
A. 30.
B. 45.
C. 60.
D. 65.
B. 45.
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The binary variable interaction regression
A) can only be applied when there are two binary variables, but not three or more. B) is the same as testing for differences in means. C) cannot be used with logarithmic regression functions because ln(0) is not defined. D) allows the effect of changing one of the binary independent variables to depend on the value of the other binary variable.
The increase in output that results when one more unit of a variable input is hired is called
A) total physical product. B) marginal physical product. C) average physical product. D) marginal revenue.
Refer to the accompanying figure. Moving from demand curve D1 to demand curve D2 could be caused by a(n):
A. decrease in the product's expected future price. B. increase in the price of a complement. C. increase in the price of a close substitute. D. increase in quantity supplied.
In a free market, what happens if there is a surplus? The price ________.
a. falls b. rises c. stays the same d. rises in the short run and falls back to its original level in the long run