In the short run, a firm can minimize its total costs of production by operating at the minimum of its average total cost curve
Indicate whether the statement is true or false
FALSE
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If supply and demand both increase, the new equilibrium price will be ________ and the new equilibrium quantity will be ________.
A. uncertain; higher B. higher; higher C. lower; lower D. lower; uncertain
The opportunity cost of the U.S. producing tea or coffee is measured by the value of the foregone production alternative—manufacturing or staples
Indicate whether the statement is true or false
The median-voter theorem would suggest the reason politicians go from extreme to moderate positions on an issue over the course of an election is because they are appealing to the:
A. average voter in their party in the primary, and the average of all voters in the general election. B. majority of voters in their party in the primary, and the majority of all voters in the general election. C. median voter in their party in the primary, and the median of all voters in the general election. D. people in their party and opposing party.
A local telephone company charges $.10/min. based on a $.08/min. marginal cost of operation. What is the Lerner index?
A. 0.25 B. 0.50 C. 0.40 D. 0.2