In Figure 5.7, assuming perfect competition, at MR4 there will be 
A. no pressure on the price to change.
B. short-run pressure on the price to fall.
C. long-run pressure on the price to fall.
D. short and long-run pressure on the price to fall.
Answer: D
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The percentage of American families with incomes below the poverty line was ________ in 1960 and ________ in 2010
A) 10.1%; 10.7% B) 8.7%; 13.9% C) 18.1%; 11.8% D) 26.8%; 48.3%
In contrast to the earlier neoclassical models of economic growth, in endogenous growth models, there is more emphasis on
a. human capital. b. externalities. c. increasing returns to scale. d. all of the above.
Contrary to popular belief, the richest families in the United States became slightly poorer in recent years
a. True b. False Indicate whether the statement is true or false
In the short run, in equilibrium, firms that operate in a monopolistically competitive market face a down sloping demand curve and will charge a price where _____ and ______.
a. quantity produced is maximized; costs are minimized b. sales revenue is maximized; costs are falling c. MR = MC; P > average cost d. average costs are rising; sales are rising