The planning curve is the
A. short-run marginal cost curve.
B. production function.
C. long-run average cost curve.
D. short-run average cost curve.
Answer: C
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To mobilize resources in WWII, the United States relied on:
a. borrowing. b. taxes. c. creating money. d. All of the above are correct.
Some companies follow a strategy of sales maximization. They say that this puts them in close touch with their customers and they can better track the market, responding to needs more quickly. However, this increases costs because of the need to stock a wider variety of parts and sizes and colors, etc. What would make this strategy a profit-maximizing one?
A variable toll on a road in Washington reached a high during the evening rush hour of $5.75 . This toll bought the drivers who paid it a 27 minute time savings. Which of the following is correct?
a. For some consumers, the toll was less than the opportunity cost of the time they would have spent in traffic. b. For some consumers, the toll was more than the opportunity cost of the time they would have spent in traffic. c. No consumers would find this toll worth the time saved in traffic. d. Both a and b are correct.
Which of the following is true under monopolistic competition in the short run?
A. P > MC. B. Profits are always zero. C. P = MR. D. All of the choices are true in monopolistic competition.