The U.S. economy favors greater government intervention in the market than socialist economy would favor.
Answer the following statement(s) true (T) or false (F)
Answer: True
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The demand for a product produced in a perfectly competitive market permanently increases. In the short run, the price
A) rises and each firm produces less output. B) rises and each firm produces more output. C) does not change as new firms enter the industry. D) does not change because each firm produces more output.
International comparisons of income inequality indicate that the degree of inequality is greatest in: a. developing countries
b. developed countries. c. countries with a homogeneous population. d. the United States.
Carolyn's Pottery Shop produces vases that sell for $15 each. Assume that labor is the only input that varies for the firm. If Carolyn hires 10 workers, she can produce and sell 500 vases per week. If she hires 11 workers, she can produce and sell 560 vases per week. Carolyn pays each of her workers $400 per week. Which of the following is correct?
a. For the 11th worker, the marginal profit is $500. b. For the 11th worker, the marginal revenue product is $500. c. The firm is maximizing its profit. d. If the firm is employing 11 workers, then its profit would increase if it cut back to 10 workers.
Which of the following is the most likely to be a fixed factor of production at a pizza restaurant?
A. The amount of pizza dough B. The amount of electricity C. The size of the seating area D. The number of waiters