The price that a monopolistically competitive firm will charge depends on what its competitors charge.
Answer the following statement true (T) or false (F)
False
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The opportunity cost of constructing a new public highway is the
A. expected cost of constructing the new highway in a future year. B. money cost of hiring contractors and construction workers for the new highway. C. value of shorter driving times and distances when the new highway is completed. D. value of other goods and services that are sacrificed in order to construct the new highway.
Which of the following would tend to shift the production function upward?
a. an increase in the number of hours worked b. an increase in population c. an increase in the size of the labor force d. an increase in the level of technology
If the wages of a dentist increase,
a. so does her opportunity cost of leisure. b. her hours of labor supplied may increase. c. her hours of labor supplied may decrease. d. All of the above are correct.
Sam's surf shop has total costs of $2,000 when it is not producing any surfboards. This means that
A. Variable costs are $2000. B. The shop is very inefficient in its production. C. Fixed costs are zero. D. Fixed costs are $2,000.