If a firm in a perfectly competitive market faces the curves in the graph shown and observes a market price of $16, the firm:
A. can make positive profits by producing less than 43 units.
B. cannot make positive profits and should shut down in the short run.
C. can make positive profits by producing where MC = MR.
D. should continue to operate in the short run, but plan to exit in the long run.
Answer: C
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Indicate whether the statement is true or false
The government office that declares official periods of recession and depression is the:
A. National Bureau of Economic Research. B. Bureau of Labor Statistics. C. Congressional Budget Office. D. Federal Reserve Board.
The large U.S. government budget deficits in the early 1980s were caused by
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In his 1951 book, Social Choice and Individual Values, Kenneth Arrow used the term "unanimity" to mean
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