Which of the following is associated with the problem of hyperinflation?
a. Money is in short supply
b. The value of money rises dramatically.
c. The government runs out of money.
d. People look for alternatives to using money.
e. People start to hold on to money for long periods of time.
d
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A local cable company has its rates set at P = $15 by a regulatory commission. Its current output is 10,000 households and its costs are as follows: ATC = $17; AVC = $14; and MC = $15 . From this, we can tell that this is:
a. a fair price, and the firm earns a normal profit. b. a fair price, and the firm earns an economic loss. c. marginal cost pricing, and the firm earns a normal profit. d. marginal cost pricing, and the firm earns an economic loss. e. the same price that an unregulated monopolist would charge.
For a linear and upward sloping supply curve, when the consumer has to pay a positive price for the good, the variable cost to the consumer is a
A. four-sided figure that is a rectangle on the bottom and a right triangle on the top whose hypotenuse is the demand curve. B. four-sided figure that is a rectangle on the bottom and a right triangle on the top whose hypotenuse is the supply curve. C. rectangle. D. triangle.