The significance of dead capital is that
A) it is difficult to allocate to its most efficient use.
B) its fixed cost is too high.
C) it is being removed from its most efficient use.
D) it replaces too many workers.
A
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A profit-maximizing monopolist will receive zero profits when
A) the average total cost curve lies above the demand curve for all possible rates of output. B) the average total cost curve is tangent to the demand curve at the profit maximizing price. C) marginal revenue, marginal cost, and average total cost are all equal. D) a second firm enters the industry.
If the San Diego Opera decreases the price of their opera tickets and their total revenue falls, then this suggests that, at the original price, the demand for tickets to the San Diego Opera was:
A. elastic. B. unit elastic. C. inelastic. D. either elastic or inelastic.