Above the shutdown point, a competitive firm's supply curve coincides with its:
a. marginal revenue curve.
b. marginal cost curve
c. average variable cost curve.
d. average total cost curve.
b
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Refer to the figure above. If the government of China wants to keep the exchange rate below E yuan per dollar:
A) it will have to buy dollar and sell yuan. B) it will have to buy yuan and sell dollars. C) it will have to buy both dollars and yuan. D) it will have to sell both dollars and yuan.
Government failure occurs when
a. fewer public goods are produced than private goods b. more public goods are produced than private goods c. less than the socially optimal quantity of public goods is produced d. more than the socially optimal quantity of public goods is produced e. special interests emerge in the market
A firm's total cost divided by its level of output is equal to its:
A. average total cost. B. marginal cost. C. variable cost. D. start-up cost.
Most economists agree that while there are a seemingly endless number of ways to promote economic development:
A. there is no need to measure effectiveness. B. there is no way to determine which ways are the best. C. there are few ways to measure their effectiveness. D. there are just as many ways to measure effectiveness.