Firms ________ their ________ costs in the short run.
A. cannot change; total
B. can change; overhead
C. can change; variable
D. can change; fixed
Answer: C
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A monopoly is the only seller of a product
A. without a wellminusdefined demand curve. B. with many substitutes. C. with a perfectly inelastic demand. D. without a close substitute.
Which of the following is a true statement about the multiplier?
a. The multiplier rises as the MPC rises. b. The smaller the MPC, the larger the multiplier. c. The multiplier is a value between zero and one. d. The multiplier effect does not occur when autonomous expenditure decreases.
In games, strategies are:
A. the outcomes players want to achieve. B. the same for everyone to achieve the same goal. C. the plans of action that players follow to achieve their goals. D. All of these statements are true.
The tobacco industry has a Lerner index of 0.76. Based on this information, compute the optimal markup factor.
A. 0.24 times price B. 4.17 times price C. 4.17 times marginal cost D. There is not sufficient information to determine the optimal markup factor.