Brain scientists have found that the human brain devotes more neurons toward processing and interpreting visual information than it does to anything else, therefore:
A. We can always believe what our eyes tell us
B. We should only believe what our eyes tell us
C. Since our eyes can fool us, we probably make mental mistakes in other areas too
D. Behavioral and neoclassical economists agree that our visual impressions are always right
C. Since our eyes can fool us, we probably make mental mistakes in other areas too
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In the short run, a perfectly competitive firm earning negative economic profit is
A) on the downward-sloping portion of its ATC curve. B) at the minimum of its ATC curve. C) on the upward-sloping portion of its ATC curve. D) above its ATC curve.
If a firm in a perfectly competitive market faces the curves in the graph shown and observes a market price of $16, the firm:
A. can make positive profits by producing less than 43 units.
B. can make positive profits by producing where MC = MR.
C. cannot make positive profits and should shut down in the short run.
D. should continue to operate in the short run, but plan to exit in the long run.
Jobs lost to outsourcing can be partially offset by jobs gained from
A) increased output from another industry. B) greater trade imbalances. C) higher opportunity costs. D) higher production costs.
An isoquant is a curve that shows all the combinations of two inputs that will produce the same level of output
Indicate whether the statement is true or false