Graphically, a firm's profit per unit of output can be found by:
a. the triangle formed under the demand curve.
b. the rectangle formed under the demand curve at a given price and quantity combination.
c. the rectangle formed under the average-total-cost curve at a given ATC and quantity combination.
d. the distance between the demand and average-total-cost curves at any level of output.
e. the distance between the horizontal axis and the average-total-cost curves at any level of output.
d
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What types of goods have compensated demand curves that slope downwards?
a. Normal goods only. b. Inferior goods only. c. Giffen goods only. d. All types of goods.
Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
During 1980 through 2010,
a. the per capita income of high-income industrial countries declined. b. the fastest growing economies in the world were LDCs. c. almost all LDCs grew more rapidly than the high-income industrial economies. d. most of the countries with rapid growth rates during the last two decades were located in South America.
The idea of linking public school teacher salaries to student outcomes is basically an attempt to impose a ________ compensation scheme on teachers.
A. profit sharing B. work-for-pay C. piece rate D. time rate E. tournament