In which of the following situations will both market clearing price and the equilibrium quantity increase?
A) an increase in demand with no change in supply
B) an increase in supply with no change in demand
C) a decrease in supply with no change in demand
D) a decrease in demand with no change in supply
A
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Suppose a firm has a variable cost function VC = 20Q with avoidable fixed cost of $50,000. What kind of firm is this?
A. This firm is a natural monopoly because as Q rises, AC falls. B. This firm is a natural monopoly because as Q rises, AC rises. C. This firm is a natural monopoly because as Q rises, VC falls. D. This firm is a natural monopoly because as Q rises, VC rises.
Sam wins a Mega Millions jackpot worth $3 million. Which of the following is most likely true of Sam's consumption function? a. His consumption function will be flatter
b. His consumption function will be steeper. c. His consumption function will shift upward. d. His consumption function will shift downward.
Workers with high skills and much experience are not typically affected by the minimum wage
a. True b. False Indicate whether the statement is true or false
Pete ate a large slice of pepperoni pizza; a small salad with lettuce, carrot, tomato, cucumber, cheese, and ranch dressing; and a diet Dr. Pepper for lunch. This meal consisted of: 25g of fat, 90g of carbohydrate, and 12 g of protein. How many total calories did Pete consume?