Suppose that, in the long run, the price of feature films rises as the movie production industry expands. We can conclude that movie production is a(n):
a. increasing-cost industry.
b. constant-cost industry.
c. decreasing-cost industry.
d. marginal-cost industry.
a
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Refer to Table 2-20. What is Japan's opportunity cost of producing one wristwatch?
A) 0.04 pounds of rice B) 4 pounds of rice C) 25 pounds of rice D) 40 pounds of rice
An unexpected fall in GDP growth should send bond prices __________ and stock prices __________
A) up; up B) up; down C) down; up D) down; down
When quantity demanded has increased at every price, it might be because
a. the number of buyers in the market has decreased. b. income has increased, and the good is an inferior good. c. the costs incurred by sellers producing the good have decreased. d. the price of a complementary good has decreased.
Which of the following is not a property of isoprofit curves graphed in Probability of Injury (x-axis) versus Wage (y-axis) space?
A. Profit-maximizing firms are indifferent as to where they operate on any given curve. B. All points on each isoprofit curve yield the same level of profit. C. Isoprofit curves going up along the y-axis yield higher profits. D. Isoprofit curves going out along the x-axis yield higher profits. E. Isoprofit lines are upward sloping.