Average variable costs:
A. always trend upward as output increases.
B. always trend downward as output increases.
C. decrease, then increase as output increases.
D. increase, then decrease as output increases.
C. decrease, then increase as output increases.
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Suppose there are three houses in a neighborhood. The residents are considering installing street lights and are trying to determine how many lights need to be installed
Each resident's willingness to pay for street lights is given in the table below. Number of Street Lights House 1 House 2 House 3 1 $300 $400 $200 2 $280 $360 $160 3 $240 $300 $120 4 $180 $220 $100 5 $80 $100 $10 If the cost of installing one light is $500, how many lights will be installed? A) 1 B) 2 C) 4 D) 5
Realists and economic structuralists contend that the composition of the UN Security Council is an example of which major problem in international law?
a. how laws are ultimately interpreted by the council b. how agreements are made in the first place c. how undesirable norms and values are spread d. how weak or corrupt states are empowered
Consumer surplus
What will be an ideal response?
Suppose a perfectly competitive industry is in long-run equilibrium. If a decrease in demand leads to a higher long-run price, we know that
A) this is a decreasing-cost industry. B) this is an increasing-cost industry. C) some firms will be losing money in the long run. D) after further adjustments, price will fall to its original level.