In the long run,
a. at least one of the firm's inputs is fixed
b. customer tastes and preferences are fixed
c. the firm may vary all inputs
d. sunk costs become variable costs
e. government intervention is inevitable
C
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Suppose that a monopoly is currently producing the quantity at which marginal revenue is less than marginal cost. The monopoly can increase its profit by ________
A) shutting down B) lowering its price and increasing its output C) raising its price and decreasing its output D) lowering its price and decreasing its output
"The Soviet economy is proof that, contrary to what many skeptics had earlier believed, a socialist command economy can function and even thrive.". This statement is from:
a. Hayek b. Mises c. Friedman d. Samuelson e. None of the above