The short run is a period of time during which all costs are fixed costs.
Answer the following statement true (T) or false (F)
False
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Which of the following statements correctly highlights the difference between microeconomics and macroeconomics?
A) Microeconomics is descriptive, whereas macroeconomics is advisory. B) Microeconomics primarily deals with positive analysis, whereas macroeconomics primarily deals with normative analysis. C) Microeconomics deals with a small part of the economy, whereas macroeconomics deals with aggregate economic performance. D) Microeconomics describes what economic agents actually do, whereas macroeconomics describes what economic agents ought to do.
Suppose the equilibrium price in a perfectly competitive industry is $10 and a firm in the industry charges $12. Which of the following will happen?
A) The firm will sell more output than its competitors. B) The firm will not sell any output. C) The firm's revenue will increase. D) The firm's profits will increase.
A person buys a used 1998 Honda Civic and finds that there is a problem in the drive train so that the whole set of axles must be replaced. However, the state has a law that protects the buyer from these kinds of discoveries for 30 days post purchase. These lemon laws attempt to correct the problem of:
A. adverse selection. B. monopoly power. C. arbitrage. D. resource over-utilization.
When economists look at comparative advantage and test to see if the theory works in data, they find: