Innovation is
A. the transformation of an invention into something that is useful to humans.
B. another term for something new.
C. the term for invention when a firm obtains a patent.
D. the term for inventions in the electronic and computer industries.
Answer: A
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If a firm has a total fixed cost of $75 and an average variable cost of $35 for producing 10 units of output, the average total cost would be:
a. $425. b. $42.50. c. $110. d. $350.
What are supply shocks? Explain what effect adverse and favorable supply shocks have on the supply curve
What will be an ideal response?
Under the adaptive expectations hypothesis, how will a shift to a more expansionary monetary policy affect the economy?
a. In the short run, the real rate of output will be unaffected, but in the long run, it will increase. b. In the short run, the real rate of output will increase, but in the long run, it will be unchanged. c. There will be a permanent increase in the real rate of output, but the inflation rate will also be a little higher. d. In the short run, the impact on the real rate of output is uncertain, but in the long run, output will increase.
Which of the following is NOT true about the demand curve faced by a monopolist?
A. The demand curve is perfectly elastic. B. The firm's demand curve is the same as the market demand curve. C. The demand curve is downward sloping. D. The marginal revenue curve is below the market demand curve.