Which of the following most accurately describes the changes in the heights of adult, white males?
a. Since 1700, heights have increased steadily.
b. There were small cyclical changes in height until about 1900, and since then heights have increased very rapidly.
c. During the history of the US heights have been relatively constant.
d. Height increased substantially until shortly after the Civil War, and has been relatively stable since then.
b. There were small cyclical changes in height until about 1900, and since then heights have increased very rapidly.
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Tony's Italian Ice is a monopolistically competitive firm. If Tony's earns a profit in the short run, which of the following is most likely to occur?
A) New firms that sell Italian ice will enter the market and Tony's demand curve will shift to the right. B) New firms that sell Italian ice will enter the market and Tony's demand curve will become more inelastic. C) New firms that sell Italian ice will enter the market and Tony's cost curves will shift to the left. D) New firms that sell Italian ice will enter the market and Tony's demand curve will shift to the left.
You're called in as a consultant: Price is $24 . At a production level of 200 units, MC = MR, AFC = $6, and AVC = $25 . What do you advise this firm to do?
a. Increase output. b. Decrease output. c. Shut down operations. d. Stay at the current output; the firm is earning a profit of $1,400. e. Stay at the current output; the firm is losing $1,400.