【題目】 Levi’s jeans sell for $100 a pair. Suppose at the profit maximizing quantity, Levi’s average total cost was $110 and Average variable cost was $55, which statement is true? Levi’s will shut down in the short run and go out of business in the long run ...
【題目】 A profit-maximizing firm in a competitive market is able to sell its product for $7. At its current level of output, the firm’s average total cost is $10. The firm’s marginal cost curve crosses its marginal revenue curve at an output level of 9 units. The firm experiences a ...
【題目】 A simple linear demand function may be stated as Q= a-bP+cI where Q is quantity demanded , P is the product price, and I is consumer income. To compute an appropriate value for c, we can use observed values for Q and I and then set the estimated income elasticity of demand equal t ...
【題目】 Crude oil can be refined into home heating oil or gasoline. If very cold weather caused the price of home heating oil to increase, then the supply of home heating oil would decrease. the equilibrium price of gasoline would rise. ----答案 & ...
【題目】 If resources are used efficiently, then _____. opportunity cost is minimized consumer surplus equals producer surplus producer surplus is maximized consumer surplus plus producer surplus is maximized --答案
【題目】 If cigarettes and marijuana had been found to be substitutes, a tax placed on cigarettes would increase the demand for marijuana. --答案 decrease the demand for marijuana. decrease the quantity demanded of marijuana. incr ...
【題目】 In the short run the magnitude of the own price elasticity of demand for ice cream: is the same as in the long run. does not depend on the fact that ice cream can be frozen. is higher than in the long run. is lower than in t ...
【題目】 Suppose the price elasticity of demand for tickets of Taiwan High Speed Railway (THSR) is 1.5.Ceteris paribus, when THSR reduces its prices, its revenue will go up. ---答案 may go up or down. will go down. will rem ...
【題目】 Suppose there are only two firms supplying in the market and they produce a homogeneous good. Two firms produce the good with the same constant marginal cost. Firms compete by setting price simultaneously . The equilibrium price of both firms must equal to the ma ...