The short-run break-even price is
A. the price at which a firm's total revenues equal its total costs.
B. the point at which the firm's implicit costs are maximized.
C. the point at which the firm's total costs are maximized.
D. the price at which a firm's total revenues exceed total costs.
Answer: A
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The term "free riders" refers to people who:
A) selflessly pay for others' consumption of goods and services. B) make economic decisions randomly and are not rational. C) haggle over the prices of the goods and services that they buy. D) don't contribute but still benefit from others' actions.
When the price of a good changes, other things constant, what occurs?
A) The supply curve shifts to the right. B) The supply curve shifts to the left. C) The supply curve becomes flatter. D) The supply curve becomes steeper. E) Only quantity supplied changes.
The demand for labor curve is
A) upward sloping at potential GDP and downward sloping elsewhere. B) vertical at potential GDP. C) downward sloping. D) upward sloping because firms demand labor.
Increases in ________ typically lead to decreases in consumption
A) the interest rate B) disposable income C) autonomous consumption D) all of the above E) none of the above