A sharp increase in gasoline prices will cause the supply curve for trucking services to shift to the right
a. True
b. False
Indicate whether the statement is true or false
False
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Season ticket holders often purchase their tickets before a season begins. There is often a discount associated with season tickets. Why?
A) Buying season tickets entails risk, which consumers are willing to bear if they are compensated for doing so. B) Buying season tickets is a way of guaranteeing a supply of tickets for the secondary market. C) Selling season tickets entails greater transactions costs which team owners hope to avoid. D) Sports teams are local monopolies.
Refer to Cost of Production. The short-run total cost of producing 50 units of output per week is $180, but the long-run total cost is
The following questions refer to the diagram below. The wage rate is assumed to be $12 per hour, the rental rate is assumed to be $6 per hour, and capital is assumed to be fixed in the short run at 10 hours.
a. $180.
b. $270.
c. $300.
d. $900.