If the domestic quantity supplied of a good is greater than the domestic quantity demanded, the country is likely to be a(n)
A. exporter of the good.
B. importer and exporter.
C. importer of the good.
D. consumer of the good.
Answer: A
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Which of the following occurs when goods in a market are being produced and sold at the lowest possible average cost?
a. Productive efficiency b. Monopolistic competition c. Allocative efficiency d. Perfect competition
A profit-maximizing competitive firm will hire workers up to the point at which the wage equals the price of the final good
a. True b. False Indicate whether the statement is true or false
Investing in things with unrelated risk is:
A. the key to diversification. B. increasing the likelihood that a catastrophe will occur. C. irrational. D. None of these statements is true.
In this graph, at point e ______.
a. economic profits are growing
b. short-run and long-run average total costs are equal
c. the economic situation is unstable
d. short-run and long-run average total costs are far apart