The set of all assets that are regularly used to directly purchase goods and services is called:
A. money.
B. consumption income.
C. disposable income.
D. fungible goods.
A. money.
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Consider a general cost function C(q), with Average Cost=C(q)/q. Prove using calculus that the quantity which minimizes the Average Cost function is also at the point where the Marginal Cost equals the Average Cost
To do this, first derive the necessary condition for the AC to be at a minimum.
In the early 2000s, Chinese officials indicted members of a forgery syndicate that sold several hundred diplomas to high school graduates who needed the diplomas to take employment tests. This situation, where having the certificate of knowledge is more important than the knowledge itself, is known as:
A. the brain drain. B. human capital. C. certification. D. credentialism.
Suppose that the price of doughnuts decreases. Given that doughnut-holes are a by-product of producing doughnuts, one would expect:
A. the supply of doughnuts to increase. B. the supply of doughnut holes to increase. C. the supply of doughnuts to decrease. D. the supply of doughnut holes to decrease.
Consider the purely competitive firm pictured below. At its short-run equilibrium point, the firm is earning:
A. Zero normal profits
B. Zero economic profits
C. Zero accounting profits
D. We can say nothing about this firm's profit or loss situation