The shape of a firm's long-run ________ depends on how costs vary with scale of operations.
A. marginal revenue curve
B. variable cost curve
C. average cost curve
D. fixed cost curve
Answer: C
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The bond markets are important because they are
A) easily the most widely followed financial markets in the United States. B) the markets where foreign exchange rates are determined. C) the markets where interest rates are determined. D) the markets where all borrowers get their funds.
A farmer owns 10 acres of land on which both soybean and corn can be grown. If he increases the production of corn, _____
a. the output of soybean must fall b. the demand curve for soybean must shift leftward c. the demand curve for corn must shift rightward d. the output of soybean must increase too
Over the past century in the U.S., what has been federal government revenue as a percentage of GDP? What has been state and local government revenue as a percentage of GDP?
Many theaters sell empty seats at a deep discount just before show time. What economic concept is displayed by this behavior?
A. Price optimization B. Thinking at the margin C. Sunk costs D. Consumer demand