Which level indicates the point of maximum economic efficiency?
A) lowest point on AC curve
B) lowest point on AVC curve
C) lowest point on MC curve
D) None of the above
A
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All actions and purchases, even those of wealthy people, involve a sacrifice.
Answer the following statement true (T) or false (F)
If a good is scarce, does that imply that there is a shortage of it?
What will be an ideal response?
Amanda decides to buy a dress that Hillary has for sale; they both agree on a price of $20 for the exchange. Which of the following best describes who gains and who loses from the trade?
a. If the dress originally costs more than $20, Amanda gains and Hillary loses. b. If the dress originally costs less than $20, Hillary gains and Amanda loses. c. Both parties expect to gain from this transaction. d. If Hillary gains from the transaction, Amanda must lose an equal amount.
In Exhibit 10-5, at what wage rate will the firms stop hiring these workers?
A. $25.00. B. $20.00. C. $15.00. D. $10.00.