In

the short run, average cost cannot be greater than price.

In

the long run, the firm can make profits greater than normal profit.

In

the short run, the firm can make profits greater than normal profit.

Marginal

revenue will be less than price.

Economies

of scale.

Increasing

returns to scale.

Dis-economies

of scale.

Constant

returns to scale.

A

10% rise in consumer income will lead to a 1.5% rise in sales of its ready

meals.

A

6% rise in consumer income will lead to a 9% rise in sales of its ready

meals.

A

4% fall in the price of its product will lead to a 10% fall in sales of its

ready meals.

A

5% rise in the price of its product will lead to a 12.5% fall in sales of its

ready meals.

If

MR > MC, increase output to raise profits.

If

MR < MC, increase output to raise profits.

If

MC = MR, raise output to increase profits.

Its profit-maximising condition depends on whether it is a monopolist or a competitive firm. 

You

will work 25 hours per week.

Your

free time will increase by 25%.

Your

total number of hours will fall by 50%.

Your

total number of hours will fall by 25%.

The

marginal product of labour is rising as hours of study increase.

The

average product of labour is falling as hours of study increase.

The

marginal product of labour is zero beyond 15 hours.

The

marginal product of labour is constant as hours of study increase.

US

workers work longer hours than French workers.

UK

workers have more free time than Greek workers.

UK

workers have lower GDP per capita than Spanish workers.

The

relationship between GDP per capita and free time is downward sloping.

The

doubling and halving of the real wage index over 250 years from around 1350 cannot

be explained by the Malthusian model.

According

to the Malthusian model, the fall in the population due to the bubonic plague

would have led to an increase in the average productivity of workers, causing

the observed rise in the real wage post-plague.

In

the Malthusian model, the rise in real wages

from 1800 onwards, at the same time as the rise in population, could be explained by continuous technological

improvement.