If the price of the output produced by a perfectly competitive firm increases, then:
a. the marginal-cost curve will shift up.
b. the demand curve faced by the firm will shift to the left.
c. marginal cost will fall as output declines.
d. the marginal-revenue curve for the firm will shift up.
e. the marginal-cost curve for the firm will shift down.
d
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If the marginal private cost of producing one kilowatt of power in California equals five cents and the marginal social cost of each kilowatt equals nine cents, then the marginal external cost equals ________ per kilowatt
A) five cents B) nine cents C) four cents D) fourteen cents
The early 1980s "Star Wars" space-based defensive weapons system was an example of _____
a. economic warfare b. a military alliance c. negative externality d. undefined property rights
A firm enjoys a positive economic profit when:
a. the demand curve touches the average cost curve at the profit-maximizing level of output. b. the marginal revenue curve has a negative intercept on the ordinate axis. c. the average revenue curve lies below the average cost curve at the profit-maximizing level of output. d. the marginal cost is declining at the profit-maximizing level of output. e. the average revenue curve lies above the average cost curve at the profit-maximizing level of output.
Suppose Jo's savings after working for 2 years is $90,000 . Assuming she saves all of her income and the rate of growth of her income is constant at 10 percent over the 2-year period, her initial annual income must have been around _____
a. $49,630 b. $36,980 c. $65,897 d. $74,380