For a perfectly competitive firm, the shutdown point is the
A) amount of output at which price equals minimum average variable cost.
B) amount of output at which price equals minimum average total cost.
C) price at which economic profit is zero.
D) price at which total opportunity cost is zero.
A
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When the credit demand curve is relatively steep:
A) the quantity of credit demanded is relatively sensitive to changes in the tax rates. B) the quantity of credit demanded is not very sensitive to changes in the real interest rate. C) the quantity of credit demanded is relatively sensitive to changes in the real interest rate. D) the quantity of credit demanded is not very sensitive to changes in the tax rates.
Investment, as defined by economists, would include the purchase of a
A) Treasury bond. B) corporate bond. C) share of stock in Facebook. D) cargo van by a delivery company.
The utilitarianism, Rawlsian, and benefits-received arguments all favor a ________ tax system
A) regressive B) progressive C) proportional D) value-added
The area above the market supply curve and below the market price
A) is equal to the total cost of production. B) is equal to the total amount of producer surplus in a market. C) is equal to the total amount of economic surplus in a market. D) is equal to the marginal cost of the last unit produced.