A fixed factor of production:
A. is fixed in the long run but variable in the short run.
B. is common in large firms but rare in small firms.
C. is fixed only in the short run.
D. is fixed in both the short run and the long run.
Answer: C
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Figure 5-3
Assume the market consists of three consumers with the demand curves in Figure 5-3. At a price of 1, the total market demand is
A. 40. B. 80. C. 140. D. 150.
Refer to Figure 5-4.What is the economically efficient output level?
A) Q1 B) Q1 plus Q2 C) Q2 minus Q1 D) Q2
The manager of Steel Works learns of a new technological interdependency between the intermediate stage and the final stage of production. If Steel Works currently contracts with another firm for the final stage of production, which of the following is true?
A) The manager has less of an incentive to integrate forward. B) The manager has less of an incentive to integrate backward. C) The manager has more of an incentive to integrate backward. D) The manager has more of an incentive to integrate forward.
GDP includes:
A. intermediate but not final products. B. substitute but not intermediate products. C. final but not intermediate products. D. complementary but not intermediate products.