Aggregate supply (AS) refers to:
a. the total quantity of inputs that firms will request and purchase.
b. the total quantity of output that firms will produce and sell.
c. the smallest quantity of output that firms will produce and destroy.
d. the total quantity of inputs that firms will request and waste.
b. the total quantity of output that firms will produce and sell.
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Advertising costs are ________ costs and the per unit cost of advertising ________ as production increases
A) fixed; increases B) variable; increases C) fixed; decreases D) variable; does not change
Assume a consumer purchases a combination of goods X and Y such that MUx / ?Px = 20 units of utility per dollar and MUy / Py = 10 units of utility per dollar. To maximize utility, the consumers should buy:
a. neither X nor Y. b. less of both X and Y. c. more of both X and Y. d. more of X and less of Y. e. less of X and more of Y.
In game theory a listing of the rewards or punishments that each player will receive for each possible combination of strategies is called
a. the marginal strategy schedule b. the payoff matrix c. strategic planning d. the input-output matrix e. the game listing payoff
If TR > TVC but TR < TC, a firm would ________ in the short run and ________ in the long run.
A. operate; expand B. shut down; expand C. shut down; exit the industry D. operate; exit the industry