For a given change in demand:
a. Quantity will change relatively more in the long run than the short run.
b. Quantity will change relatively more in the short run than the long run.
c. Price will change relatively more in the long run than the short run
d. Both b. and c. are true.
a
Economics
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Which of the following is least likely to be included in a definition of basic human needs?
a. A minimal level of clothing b. A minimal level of health care c. A minimal level of savings d. A minimal level of shelter e. A minimal level of calorie intake
Economics
Two firms compete as a Stackelberg duopoly. The demand they face is P = 100 ? 3Q. The cost function for each firm is C(Q) = 4Q. The profits of the two firms are:
A. ?L = $192; ?F = $91. B. ?L = $56; ?F = $28. C. ?L = $56; ?F = ?$28. D. ?L = $384; ?F = $192.
Economics