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Question
Short-run cost relationships for a firm are
A) determined by the law of diminishing marginal product.
B) determined by the specific long-run relationships that exist.
C) due to the level of wages relative to other input prices.
D) due to the normal contractual relations in a market.
Answer
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Related questions
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Q:
Refer to the above figure. At a price of $2 per gallon, there isA) a surplus of 20,000 gallons per month. B) a shortage of 40,000 gallons per month.C) a shortage of 80,000 gallons per month. D) a shortage of 60,000 gallons per month.
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Refer to the above figure. Other things being equal, when the government imposes a price floor at P2, then we would expectA) the quantity demanded is Q 2.B) a surplus will occur.C) price to decline until an equilibrium is achieved at P0.D) consumers to bid against each other for goods and force the price even higher.
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Economic growth can be pictured in a production possibilities curve diagram byA) shifting the production possibilities curve in. B) shifting the production possibilities curve out.C) making the production possibilities curve straighter.D) moving from a point inside the production possibilities curve to a point on the curve.
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Markets tend to underallocate resources to the production of a good whenA) there are negative externalities. B) there are positive externalities. C) there are public goods produced. D) equilibrium occurs.
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The law that created the high level of tariffs in United States in the 1930s isA) the GATT Act.B) the World Trade Act.C) the Smoot-Hawley Act. D) the Tariffs Agreement Act.
Q:
Which of the following statements is FALSE?
A) The rationing function of prices is not allowed to freely operate when the government imposes price controls.
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Assume that coffee and tea are substitutes. Given a downward sloping demand curve for tea, an increase in the price of tea will causeA) an increase in the demand for coffee. B) a decrease in the demand for coffee.C) a leftward shift of the demand curve for tea. D) a leftward shift in the demand for coffee.
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Discuss the relationship between world trade and world Gross Domestic Product (GDP) since the early 1950s.
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Goods X and Y are complementary goods. An increase in the price of good X has occurred. In the market for good Y this will lead toA) an increase in price and a decrease in quantity. B) an increase in price and an increase in quantity. C) a decrease in price and a decrease in quantity. D) a decrease in price and an increase in quantity.
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The United Statesʹ balance of payments is likely to improve whenA) there is an increase in political instability in other countries.B) the inflation rate in the United States rises relative to other countries.C) the American government increases its spending on foreign aid. D) American people want to invest more in foreign countries.