Variable costs are
a. costs that vary with output
b. not important in decision making
c. costs that do not vary with output
d. equal to total costs
a
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In the above figure, the efficient quantity of magazines to produce per day is
A) 0, because that is where the marginal social benefit exceeds the marginal social cost by as much as possible. B) more than 0 and less than 300,000 magazines. C) 300,000 magazines. D) more than 300,000 magazines.
Competition keeps prices lower for consumers. So why do we have patent laws?
What will be an ideal response?
Refer to Figure 12-9. At price P1, the firm would produce
A) Q1 units B) Q3 units. C) Q5 units. D) zero units.
The time interval in which suppliers can change the quantity of all the resources they use to produce goods and services is called
a. the short run b. the long run c. equilibrium d. the supply schedule e. excess supply