In the above figure, below what minimum price will a perfectly competitive firm shut down rather than produce?

A) for any price less than $16 per unit
B) for any price less than $12 per unit
C) for any price less than $8 per unit
D) for any price less than $4 per unit


C

Economics

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In a hypothetical country, the average wage of five 40-year-old citizens with college education is $36,896, and the average wage of five 40-year-old citizens with high school education is $25,864

What is the returns-to-college education in the country? Is there any limitation of this analysis? Explain your answer.

Economics

The smaller the amount saved out of a change in disposable income, the

A) more horizontal the consumption function. B) larger the MPC. C) more net taxes affect consumption. D) smaller is autonomous consumption. E) smaller the MPC.

Economics

When you purchase a share of stock, you are

A. borrowing funds from the corporation. B. lending funds to the corporation. C. selling an ownership right in the corporation. D. acquiring an ownership right in the corporation. E. b and d

Economics

When we focus on labor as an input in the production process, we typically draw the production function by measuring the

a. quantity of labor on the horizontal axis and the quantity of output on the vertical axis. b. quantity of labor on the horizontal axis and the marginal product of labor on the vertical axis. c. quantity of labor on the horizontal axis and the value of the marginal product of labor on the vertical axis. d. value of the marginal product of labor on the horizontal axis and the quantity of output on the vertical axis.

Economics