In the short run, the firm's break-even point is:
a. the minimum point of the firm's demand curve.
b. the minimum point of the firm's average-total-cost curve.
c. the minimum point of the firm's average-variable-cost curve.
d. the minimum point of the firm's marginal-cost curve.
e. the minimum point on the average-fixed-cost curve.
b
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In an open economy, aggregate demand is the sum of
A) consumer expenditure, actual investment spending, and government spending. B) consumer expenditure, planned investment spending, and government spending. C) consumer expenditure, actual investment spending, government spending, and net exports. D) consumer expenditure, planned investment spending, government spending, and net exports.
When can two countries gain from trading two goods?
a. when the first country can only produce the first good and the second country can only produce the second good b. when the first country can produce both goods, but can only produce the second good at great cost, and the second country can produce both goods, but can only produce the first good at great cost c. when the first country is better at producing both goods and the second country is worse at producing both goods d. Two countries could gain from trading two goods under all of the above conditions.
An increase in which of the following would cause the aggregate demand curve to shift to the left?
A. Income Taxes B. Estate and Gift Taxes C. Employment Taxes
When a firm has an accounting profit that is negative, it
A) will never produce output, even in the short run. B) may still have economic profit. C) has total revenue that is less than total cost. D) cannot be producing where price equals marginal cost.