Different firms in a competitive industry will have differing shutdown points when
a. they have different cost curves.
b. they are charging different prices.
c. they entered the industry at different times.
d. they all have identical cost curves.
a. they have different cost curves.
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According to this Application, some conservatives worry that a value-added tax ________ and some liberals worry that a value-added tax ________
A) will penalize high-income individuals; will decrease per-capita GDP B) will discourage consumers from saving; will decrease federal tax revenue C) will result in consumers not realizing all the taxes they pay; is regressive D) is progressive; will reduce investment.
According to the law of supply, a per-unit increase in the price of bun will cause a(n): a. increase in the supply of buns
b. increase in the quantity supplied of buns. c. decrease in the supply of buns. d. decrease in the quantity supplied of buns
Resources are efficiently allocated when production occurs at that output at which:
A. P equals MC. B. P equals MR. C. P exceeds MR. D. P equals AVC.
The foreign exchange rate is
A. another name for purchasing power parity. B. part of the circular flow diagram. C. an adjustment that takes into account differences in the true cost of living across countries. D. the price of one currency in terms of another.