A monopolistically competitive firm in long-run equilibrium:
A) will make negative profit.
B) will make zero profit.
C) will make positive profit.
D) Any of the above are possible.
B
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What, according to the textbook, accounts for the federal budget surplus in the late 1990s?
A) A move toward virtue on Capital Hill B) Strong economic growth during that period C) Huge increases in tax rates D) A successful beggar-thy-neighbor strategy
In long-run equilibrium a perfectly competitive firm will operate where the price is
A) greater than MR but equal to MC and minimum ATC. B) greater than MR and MC, but equal to minimum ATC. C) greater than MC and minimum ATC, but equal to MR. D) equal to MR, MC and minimum to ATC.
The poverty threshold line for a family of four in 2010 was
a. $30,170. b. about $22,000. c. between $10,000 and $15,000. d. less than $10,000.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The best point for society would be
A. either Point B or Point C, as the total amount being produced at either of these points is approximately the same. B. at any of the labeled points, as all of the points represent an efficient allocation of resources. C. Point C, as at this point there are approximately equal amounts of LCD and OLED televisions being produced. D. indeterminate from this information, as we don't have any information about the society's desires.