Which of the following will cause consumption, and as a result, aggregate demand, to shift to the right?
a. an optimistic business forecast of future income growth
b. increased consumer wealth
c. an increase in consumer confidence
d. all of the above
d
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The joint and individual interests of oligopolists are to maximize industry profit.
Answer the following statement true (T) or false (F)
Suppose that a firm is currently producing 500 units of output. At this level of output, AVC is $1 per unit, and TFC is $500. What is the firm's TC?
A) $1,500 B) $1,000 C) $500 D) $501
On the upward sloping portion of a firm's long-run average cost curve, it is experiencing
A. constant returns to scale. B. diminishing marginal returns. C. diseconomies of scale. D. economies of scale.
Which of the following is true of warranties?
A. They are not important costs in the business world. B. They increase contracting costs in the business world. C. They leave contracting costs unchanged in the business world. D. They reduce contracting costs in the business world.