Reference no: EM13685271
1. Presume that ramen noodles are an inferior good. When income decreases, the equilibrium quantity of ramen noodles will ________ and the equilibrium price of ramen noodles will ________.
A. increase; increase
B. increase; decrease
C. decrease; increase
D. decrease; decrease
WHY?
2. If the price of a fixed factor of production increases, then:
A. marginal costs will increase.
B. variable costs will increase.
C. variable costs are unchanged.
D. total costs are unchanged.
WHY?
3. A firm suffering economic losses decides whether or not to produce in the short run on the basis of:
A. whether revenues cover variable costs
B. whether future profits will allow it to recover fixed costs.
C. whether revenues from operating are sufficient to cover fixed costs
D. whether revenues from operating are sufficient to cover fixed plus variable costs
WHY?
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In a monopolistically competitive market
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If the price of a fixed factor of production increases
: Presume that ramen noodles are an inferior good. When income decreases, the equilibrium quantity of ramen noodles will ________ and the equilibrium price of ramen noodles will ________. A firm suffering economic losses decides whether or not to produ..
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