A firms average revenue is greater than its average variable cost and less than its average total cost. If the firm does not expect price to change, the firm should:
A. Shut down in the short run and in the long run.
B. Shut down in the short run but operate in the long run.
C. Operate in the short run but shut down in the long run.
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A company that manufactures airplane seats is best described as producing:
A. Finished goods.
B. Intermediate goods.
C. Factors of production.
The long-term effects of a price ceiling on a market are least likelyto include:
A. Discrimination by sellers.
B. An increase in waiting times to purchase.
C. Improvement in quality to offset the reduction in quantity supplied.
Which of the following is most likely an advantage of the Herfindahl-Hirschman Index relative to the N-firm concentration ratio？ The Herfindahl-Hirschman Index:
A. Is simpler to calculate.
B. Considers barriers to entry.
C. Is more sensitive to mergers.
Marginal revenue product is best defined as the:
Addition to total revenue from selling one more unit of output.
B. Additional output produced by using one more unit of a productive input.
C. Addition to revenue from selling the output produced by using one more unit of an input.
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