If the price is above $145, what will the firm do (a) in the short run? (b) in the long run?
(a) operate; (b) stay in business
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Which of the following is TRUE about species in the world?
A. No species has ever become extinct. B. Most extinct species became extinct within the past 30 years. C. The majority of extinct species became extinct before humans appeared. D. Extinct species became extinct only after human appeared.
Which of the following famous writers, along with Adam Smith, helped start modern economics with an examination of and rebuttal of mercantilism?
A) John Stuart Mill B) Milton Friedman C) Joseph Schumpeter D) David Hume
Are government activities of any concern to macroeconomists?
A) Yes, since government actions and policies can affect an economy's overall performance. B) Yes, since macroeconomics is defined as the study of the role that government plays in the economy. C) No, since the government cannot affect the functioning of the private economy. D) No, since macroeconomists study hypothetical economies that have no government involvement at all.
Firms would like to know the price elasticity of demand for their products because it helps determine the effect of price changes on the firms'
a. property taxes b. competitors' profits c. quantity supplied d. revenues e. total costs