Above the shutdown point, a competitive firm's supply curve coincides with its:
A. marginal revenue curve.
B. ?marginal cost curve.
C. ?average variable cost curve.
D. ?average total cost curve.
Answer: B
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Normally, when a governmental price control affects the price, it can be expected to result in a
A. reduction in the number of units purchased only when the price is forced down. B. reduction in the number of units purchased when the price is forced down and an increase number of units purchased when the price is forced up. C. decrease in the number of units purchased when the price is forced up or down. D. increase in the number of units purchased when the price is forced up or down.
If Congress conducted public hearings to decide whether subsidies should be granted to the steel industry, taxpayers would not be well represented at the hearings because
A) no hearing room would be large enough to hold all the taxpayers who would want to testify. B) single taxpayers do not have a large enough stake in the issue to justify the cost of attending the hearings. C) taxpayers would not gain or lose, no matter how the issue was decided. D) they are apathetic. E) they know only money buys votes.
When the quantity of labor demanded exceeds the quantity of labor supplied, the real wage rate
A) rises to eliminate the labor-market shortage. B) falls to eliminate the labor-market surplus. C) rises to eliminate the labor-market surplus. D) falls to eliminate the labor-market shortage.
In the United States during the Great Depression, tariffs were ________ than they were following World War II, and ________ than they are today
A) higher; higher B) higher; lower C) lower; lower D) lower; higher