The firm's long-run supply curve begins at an output of
A. 30.
B. 40.
C. 55.
D. 70.
C. 55.
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Consider the following three statements:
i. You can either stand during a college football game or you can sit. You believe that you will see the game very well if you stand and others sit but that you will not be able to see at all if you sit and others stand. You therefore decide to stand. ii. Your friend tells you that he expects many people to stand at football games. iii. An economist studies photos of many college football games and estimates that 75 percent of all fans stand and 25 percent sit. Which of these statements deals with optimization, which deals with equilibrium, and which deals with empiricism? Explain.
If both matches and automobile prices increase by 10 percent, consumers will likely buy
A. fewer matches and approximately the same quantity of automobiles. B. approximately the same quantity of matches and fewer automobiles. C. fewer matches and fewer automobiles. D. approximately the same quantity of both matches and automobiles.
If three paper product companies are in an agreement, this is an example of a ________ agreement.
A) leftward B) horizontal C) rightward D) vertical
If the U.S. dollar and Mexican peso exchange rate shows that one peso is worth $0.12, then an American computer that costs $1,500 would be worth how many Mexican pesos?
A. 125 pesos B. 1,250 pesos C. 12,500 pesos D. 25,000 pesos