Macroeconomics for Today (MindTap Course List)
9th Edition
ISBN: 9781305507142
Author: Irvin B. Tucker
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 2, Problem 5SQ
To determine
The principle of
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
Explain Theory of production, and Theory of cost. Analyze the business, using at least a two-dimensional graph and pie chart or bar chart for illustrations. Let us say you adopt the demand/supply theories. Then tell us about demand/supply of one of the business’ products over a range of product prices, letting us know the strengths and weaknesses of the product and steps to improve its competitiveness.
Refer to the figure at right. An increase in production from q, to q,
A. is more costly in the short run than in the long run.
B. uses less inputs in the long run.
C. costs the same in the short run or in the long run.
D. uses more capital in the short run.
In the short run, behavior of production is explained by
Select one:
a. The law of diminishing marginal returns
b. The law of returns to scale
c. Economies and diseconomies of scale
d. The law of demand and supply
Chapter 2 Solutions
Macroeconomics for Today (MindTap Course List)
Ch. 2.6 - Prob. 1YTECh. 2.7 - Prob. 1GECh. 2 - Prob. 1SQPCh. 2 - Prob. 2SQPCh. 2 - Prob. 3SQPCh. 2 - Prob. 4SQPCh. 2 - Prob. 5SQPCh. 2 - Prob. 6SQPCh. 2 - Prob. 7SQPCh. 2 - Prob. 8SQP
Ch. 2 - Prob. 9SQPCh. 2 - Prob. 10SQPCh. 2 - Prob. 11SQPCh. 2 - Prob. 12SQPCh. 2 - Prob. 1SQCh. 2 - Prob. 2SQCh. 2 - Prob. 3SQCh. 2 - Prob. 4SQCh. 2 - Prob. 5SQCh. 2 - Prob. 6SQCh. 2 - Prob. 7SQCh. 2 - Prob. 8SQCh. 2 - Prob. 9SQCh. 2 - Prob. 10SQCh. 2 - Prob. 11SQCh. 2 - Prob. 12SQCh. 2 - Prob. 13SQCh. 2 - Prob. 14SQCh. 2 - Prob. 15SQCh. 2 - Prob. 16SQCh. 2 - Prob. 17SQCh. 2 - Prob. 18SQCh. 2 - Prob. 19SQCh. 2 - Prob. 20SQ
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Similar questions
- A market maker faces the following demand and supply for widgets. Eleven buyers are willing to buy at the following prices: $15, $14, $13, $12, $11, $10, $9, $8, $7, $6, $5. Eleven sellers are also willing to sell at the same prices. If the market maker makes three transactions, what is his total profit? a. $12 b. $15 C. $18 d. $21arrow_forwardWhich of the following is wrong? Select one: a. Economies of scale refer to the production of two or more goods and occur when joint production is less costly than the sum of the costs of producing each good separately. b. When the firm experiences economies of scale, its long-run average cost curve is downward sloping. c. The expansion path describes the cost-minimizing combination of inputs that the firm chooses for every output level. d. When costs increase proportionately with output, the firm’s long-run average cost curve is horizontal.arrow_forwardThe law of increasing opportunity costs indicates that the opportunity cost of producing a good: a. increases as more of the good is produced. b. decreases as more of the good is produced. c. is proportional to the production of the good. d. is constant to the production of the good.arrow_forward
- What is opportunity cost? Opportunity cost refers to costs that cannot be avoided, regardless of what is done in the future, because they have already been incurred. b. a. Opportunity cost is the value of what we give up by not making the alternative cholce. Opportunity cost is a business concept that explains why it is important to consider the additional cost of production, not just the initial cost, in making production decisions. Opportunity cost is a cost associated with the allocation of abundant resources arnong alternative uses. Opportunity cost is a monetary measure of cost that takes into C. d. е. account only explicit costs, or costs that can be counted. + vi 6:58 9arrow_forwardFor the case study, you need to use the economic concepts to help explain what it means for Shirley's decision. Why does it matter to her that the market is ____?arrow_forwardName the following Refers to the situation in which the increase in the scale of the production give rise to certain benefits to the producersarrow_forward
- Three shifts of supply and demand are shown. Your task is to match them with the events listed in the texts.arrow_forwardCondition where buyers and sellers interact with each other to determine the price and quantity of a product a. Equilibrium O b. Trade c. Industry d. Economy O e. Marketarrow_forwardIf the demand for workers with doctorate degrees in economics increases, we would expect a.the wages of economists to decrease in the short run and the number of economists employed to increase in the long run. b.the wages of economists to increase in the short run and the number of economists employed to increase in the long run. c.a rapid increase in the supply of economists, causing wages to remain constant. d.the supply of economists to increase in the short run and their wages to rise in the long run.arrow_forward
- 1) You are the admissions director at the University of Georgia. You know there is high demand for you product. However, you only have to space for a certain number of students. USE Microeconomics KEY TERMS like (economics, exports, command, fiscal policy, macroeconomics, scarcity, traditional economy, etc) to explain why you would (or would not) increase the price of attendance. 2) You are the admission director at Georgia State College. How do you convince graduating high school seniors to attend your college, instead of the University of Georgia. USE the KEY TERMS in the economics.arrow_forwardRefer to the figure at right. Which of the following changes causes the move from A to B? A. The price of one of the inputs B. The quantity to be produced C. The budget of the producer D. The productivity of inputsarrow_forwardLong-run costs of production are generally lower than the short run costs because: a. all inputs are fixed in the long run. b. firms cannot change their scale of production in the long run. c. there is greater flexibility in input usage in the long run.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Principles of MicroeconomicsEconomicsISBN:9781305156050Author:N. Gregory MankiwPublisher:Cengage LearningEconomics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage Learning
Principles of Microeconomics
Economics
ISBN:9781305156050
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning