Which of the following variables are needed to determine the break-even quantity?
a. Marginal costs
b. Fixed Costs
c. Selling Price
d. All of the above
d
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When property rights are assigned and transactions costs are low
A) all costs and benefits are taken into account by the transacting parties so the transaction is efficient. B) externalities will lead to market failure. C) the marginal social benefit curve shifts leftward. D) the marginal social cost curve shifts rightward.
Which of the following statements is NOT true for a perfectly competitive firm?
A) A firm's demand curve is horizontal. B) The firm can influence its demand curve by advertising its product. C) The firm's demand curve is perfectly elastic. D) The market demand and supply curves determine the market price.
Stagflation is a situation with high unemployment rates, high inflation rates, and little or no growth in the economy
a. True b. False Indicate whether the statement is true or false
When oligopolistic firms in an industry form a cartel, then it is most likely that
A. both industry output and prices will decrease. B. both industry output and prices will increase. C. industry output will decrease while prices will increase. D. industry output will increase while prices will decrease.