Which statement is true? In the short run, a perfect competitor will
A. operate at its most efficient output only if it is making a profit.
B. operate at its most efficient output only if it is taking a loss.
C. operate at its most efficient output if it is making a profit or taking a loss.
D. not operate at its most efficient output if it is making a profit or taking a loss.
D. not operate at its most efficient output if it is making a profit or taking a loss.
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Most goods and service that we enjoy are bought and sold in the market. However, leisure is something that we value but we do not buy it explicitly
What is the price of leisure? Explain what would happen to the amount of leisure that we would enjoy if the wage rate went up. Make sure to use the substitution and income effect to explain your answer and postulate whether leisure is a normal or inferior good. Why is the ultimate net effect not determinable by appealing to logic alone?
The issuer of a bond promises to make ________ payments at specified times and repay the ________ at some point in the future and the bond's price in the market ________ fluctuate over the life of the bond.
A) interest; principal; can B) principal; interest; cannot C) interest; principal; cannot D) principal; interest; can
The First Fundamental Theorem of Welfare Economics requires
A. producers and consumers to be price takers. B. that there be a market for every commodity. C. that the economy operate at some point on the utility possibility curve. D. all of these answer options are correct.
The tragedy of the commons refers to:
a. the plight of the common people, who are doomed to low paying jobs and discrimination. b. the fact that public resources are becoming scarce. c. the idea that what we have in common is often not why we trade. d. the idea that when everyone has free access to a resource, it will be overused and depleted.