When comparing two alternatives X and Y, a consumer either prefers X to Y, prefers Y to X, or is indifferent between them. This property is called:
A. transitivity.
B. completeness.
C. the ranking principle.
D. the choice principle.
B. completeness.
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A competitive firm will exit an industry in the long run when the market price falls below its
a. marginal revenue. b. marginal cost. c. average cost. d. average variable cost.
Of the several ways that the United Auto Workers can increase the wages of its members,
a. none can also increase employment b. only direct negotiation of a wage above the competitive level can also increase employment c. only restricting the supply of labor can also increase employment d. only increasing the demand for labor can also increase employment e. only binding arbitration can also increase employment
This table shows the total costs for various levels of output for a firm operating in a perfectly competitive market.PriceQuantityTC$500$10.00$501$20.00$502$27.50$503$77.50$504$147.50$505$250.00According to the table shown, fixed costs must be:
A. $200. B. $10. C. $60. D. Fixed costs cannot be determined by the information in the table.
Use the following graph to answer the next question.
Which of the following factors does NOT explain a movement along the AD curve?
A. The real-balances effect B. The foreign purchases effect C. The expenditure multiplier effect D. The interest-rate effect