Refer to the data provided in Table 9.3 below to answer the following question(s).
Table 9.3qTFCTVCTCMCAVCATC0$100 $0$100 ---- -- 1100401404040 140 21006016020 30 80 31009019030 30 63.334100124 224 343156 5100180 280 56 36 56 6100 264 364 84 44 60.677100 372 472 108 53.14 67.43Refer to Table 9.3. If the market price is $34, then in the long run the firm will
A. operate and expand.
B. operate but not expand.
C. shut down, but not go out of business.
D. go out of business.
Answer: D
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Which of the following is NOT true of institutions?
A) Institutions affect incentives. B) Institutions are determined by individuals as members of society. C) Institutions are permanent and cannot be changed over time. D) Institutions act as constraints on the behavior of economic agents.
Pennsylvania's largest grower of fresh-to-market tomatoes announced in March 2009 he will no longer produce the crop because he can't find enough workers to harvest it. Though his tomato pickers made an average of $16
59 per hour last year, he said the relatively high wage is not enough to attract local labor to work the fields. In the market for tomato workers, what is TRUE? A) $16.59 is above the equilibrium wage rate B) $16.59 is the equilibrium wage rate C) $16.59 is below the equilibrium wage rate D) Cannot determine where the equilibrium wage rate is in comparison to $16.59 without more information.
A natural monopoly has
A. many producers of the same product. B. easy access to the market. C. a single firm providing the industry's output. D. one buyer of output.
For long-term stopgap financing of large projects, city governments can issue
A) tax-anticipation notes. B) bond-anticipation notes. C) general obligation bonds. D) revenue bonds.