The short run is not the same length of time for all firms and industries because:
a. entrepreneurs have different tastes and preferences
b. the average product of labor varies across industries.
c. the life span of capital and the extent of capital specialization will vary across firms and industries.
d. The marginal product of capital begins to diminish at different levels of capital utilization across firms.
c
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The figure above shows the market demand curve for pizza
a) What is the marginal social benefit of the 20th pizza? b) What is the maximum price a consumer is willing to pay for the 20th pizza? c) If the price of a pizza is $6, what is the consumer surplus of the 20th pizza? d) If the price of a pizza is $10, what is the consumer surplus? e) If the price of a pizza is $6, what is the consumer surplus?
As a monopoly increases production, the price of all units sold falls, but marginal revenue increases
a. True b. False Indicate whether the statement is true or false