The poverty line is
A. never raised or lowered.
B. raised or lowered every few years.
C. raised every year.
D. lowered every year.
C. raised every year.
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Kate and Alice are small-town ready-mix concrete duopolists. The market demand function is Qd = 20,000 - 200P, where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year. Marginal cost is $80 per cubic yard. The Cournot model describes the competition in this market. If Kate produces 10,000 cubic yards per year, what is Alice's inverse demand function?
A. P = 75 - 0.005QK B. P = 75 - 0.005QA C. P = 50 - 0.005QK D. P = 50 - 0.005QA
The efficient market hypothesis states that:
A. markets currently contain all available information and correctly value instruments. B. when buyers and sellers act in their own best interest markets will be efficient. C. in order for markets to be efficient they need to be adequately regulated. D. markets currently contain an efficient amount of information for them to clear.
Suppose that a large dairy farmer is able to raise the market price of milk by withholding milk supply from the market. In this instance,
a. the milk market is perfectly competitive b. buyers will decrease their demand for milk c. buyers will increase their demand for milk d. the milk market is imperfectly competitive e. the milk market will collapse in the long run
OutputTotal RevenueTotal Cost0$0$501407428094312011741601425200172Refer to the above table. When the firm produces three units of output, it makes an economic:
A. loss of $3. B. profit of $40. C. profit of $3. D. profit of $17.