Which of the following would be least likely to affect the supply of automobiles?
a. higher prices for steel and other resources used in producing automobiles
b. a successful physical fitness plan encouraging Americans to walk rather than drive to their destinations
c. a technological improvement reducing the production costs of automobiles
d. increased wages for members of the United Auto Workers union
b
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Suppose Kate's Great Crete (KGC) has annual variable costs of VC = 30Q + 0.0025Q2 and marginal costs of MC = 30 + 0.005Q, where Q is the number of cubic yards of concrete it produces per year. In addition, it has an avoidable fixed cost of $50,000 per year. KGC's demand function is Qd = 20,000 - 400P. What is KGC's total cost function?
A. TC = 50,030 + 30.005Q + 0.0025Q2 B. TC = 50,000 + 50Q - 0.0025Q2 C. TC = 20,000 - 400P D. TC = 50,000 + 30Q + 0.0025Q2
A temporary price differential in resource markets is
a. eliminated by resource movements b. caused by a failure of firms to maximize profits c. eliminated by resources moving from highly-valued uses to lower-valued uses d. caused by Congress increasing the federal minimum wage e. a result of firms using the MRP = MRC rule in hiring resources
Corporate culture can be a strategic asset if it
A) adds value. B) adds value and can be duplicated. C) adds value and cannot be duplicated. D) can be franchised.
On the graph showing the Laffer curve, tax revenue is optimized at point ______.
a. A
b. C
c. D
d. E