The marginal cost curve intersects the average total cost curve at the firm's most efficient point of production
a. True
b. False
Indicate whether the statement is true or false
True
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The United States is the largest consumer and importer of grains and other agricultural output in the world
a. True b. False Indicate whether the statement is true or false
When there is high and variable inflation, markets will adjust toward their equilibrium prices and quantities more erratically and slowly. Additionally, many individual markets will experience a _________ chance of surpluses and shortages.
a. greater b. lower c. reduced d. constant
Suppose quantity demanded is given by Qd = 100-P, and quantity supplied is given by Qs = 20 + 3P. In this case, equilibrium price, P*, and equilibrium quantity, Q*, are as follows:
A. P* = 10, Q* = 90 B. P* = 80, Q* = 20 C. P* = 20, Q* = 80 D. P* = 40, Q* = 140
Pollution is caused by a market failure, in an industry in which there is
A. excess demand. B. an over-allocation of resources in production. C. excessive cost borne by the firm. D. unemployment.