See the information in Scenario 4.4. Suppose P = 10, Pc = 100, Pd = 2, A = 5, and I = 50. How many games will be sold?
A) -100
B) 0
C) 50
D) 90
E) none of the above
D
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Starting from long-run equilibrium, an increase in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. lower; higher D. higher; potential
Salmon fishing in Alaska is a seasonal business; May through September is the best time to bait salmon and halibut. Toland Fisheries, a small commercial fishery, recorded its highest ever catch last year
They started this year's fishing season with the same number of workers and equipment. With the new season also starting well, Toland has increased hiring substantially. However, the fishery did not make any additional investment in trawlers and other fishing equipment. Other things remaining unchanged, what is likely to happen to the marginal product of each new worker in the short run? a. Other things remaining unchanged, what is likely to happen to the marginal product of each new worker in the short run? b. Is the outcome likely to be different in the long run? Explain your answer.
If a monopolistically competitive firm is in long-run equilibrium and average cost equals $150, then the market price must be $150
a. True b. False
If the amount of money in circulation is $50 billion and the nominal GDP is $200 billion, the velocity of money is
a. 0.25 b. 0.75. c. 2. d. 4.