When a tax of $1.00 per gallon is imposed on sellers of gasoline, the supply curve for gasoline shifts upward, but by less than $1.00
a. True
b. False
Indicate whether the statement is true or false
False
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Cost functions must be homogeneous of degree 1 in (input and output) prices.
Answer the following statement true (T) or false (F)
Which of the following is a factor influencing the demand for money?
A) transactions demand B) precautionary demand C) asset demand D) All of the above are correct.
If a monopolist has zero marginal costs, it will produce a. in the range in which marginal revenue is increasing. b. the output at which total revenue is maximized
c. at the point at which marginal revenue is zero. d. Both (b) and (c).
Jenni can change a car's oil in 10 minutes and clean a bathroom in 20 minutes. Rob can change a car's oil in 20 minutes and clean a bathroom in 10 minutes. Therefore,
a. Jenni should clean the bathroom and Rob should change the car's oil b. Rob should clean the bathroom and Jenni should change the car's oil c. there are no gains from specialization d. Rob has an absolute advantage in both activities e. Jenni has an absolute advantage in cleaning the bathroom