Starting from long-run equilibrium, an increase in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential
B. higher; higher
C. lower; higher
D. higher; potential
Answer: D
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The total product is 10 units. The average total cost is $30 and the average fixed cost is $10. What is the amount of the total variable cost?
A) $20 B) $200 C) $300 D) $10 E) It is impossible to determine with the information given.
Since revenue increases with increases in price when demand is relatively inelastic, monopolists produce on the inelastic part of demand.
Answer the following statement true (T) or false (F)
Suppose society consists of four individuals: Andy, Bill, Carl, and David. Andy has $20,000 of income, Bill has $40,000 of income, Carl has $60,000 of income, and David has $80,000 of income. A utilitarian would argue that
a. taking $1 from Bill and giving it to Carl would increase society's total utility. b. taking $1 from Carl and giving it to Andy would increase society's total utility. c. taking $1 from Carl and giving it to David would increase society's total utility. d. taking $1 from Bill and giving it to David would increase society's total utility.
In this graph, what is the difference between the marginal cost and the average total cost?
a. 0
b. $4.90
c. $6.00
d. $100