During the short-run period of the production process, a firm is:
a. unable to vary any of its factors of production
b. able to vary only some of its factors of production.
c. able to vary all of its factors of production.
d. able to vary the size of its plant.
b
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An engineer has informed the city manager that the marginal cost of an additional car crossing the city bridge is zero? If you were required to draw this cost function on a graph what would it look like? What is the slope of this graph?
What will be an ideal response?
The figure below shows the U.S. market for imported wine. For simplicity, we consider export supply curves to be flat. Chilean wine is available for $480 per barrel and French wine is available for $420 per barrel.
Suppose that the United States imposes a tariff of $80 per barrel on imported wine. How many barrels of wine will the United States import and who will they import from?
A. 22 million barrels from France B. 10 million barrels from France C. 15 million barrels from Chile D. 10 million barrels from Chile