Which of the following inputs is most likely to be "fixed" in the short run?
A) Labor.
B) Capital.
C) Energy.
D) Raw Material.
B
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In one day Alpha Cabinet Company made 40 cabinets with 320 hours of labor. What was Alpha Cabinet Company's productivity?
a. 1/8 cabinet per hour b. 8 hours per cabinet c. 40 cabinets d. None of the above is correct.
As long as firms currently in a monopolistically competitive market are earning profits:
A. more firms will enter the market with products that are close substitutes. B. the firm will lower its price to keep out competitors. C. the government will step in to regulate prices to ensure they stay competitive. D. more firms will leave the market before the profits are competed away.
If banks have no excess reserves, and the required reserve ratio is raised, the amount that banks can lend is:
A. reduced and the money supply contracts. B. reduced and the money supply expands. C. reduced and there is no change in the money supply. D. increased and the money supply expands.
Describe the essential features of the kinked-demand model of oligopoly pricing
What will be an ideal response?