A firm earns $600 of total revenue from selling its product at $200 per unit. If the per-unit cost of producing the good is $150, the firm sells ________ units(s) of the good
A) 1
B) 2
C) 3
D) 4
C
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Consider a competitive constant-cost industry in which each firm's marginal and average costs are given by the formulas MC = 4q and AC = 2q + 50/q , where q represents the quantity supplied by the firm.
(i) Determine the quantity supplied by each firm in long-run equilibrium, and determine the firms' break-even price. (ii) Suppose the market demand for the good produced by this industry is given by the formula P = 320 - 2Q, where P is the market price and Q is the market quantity. If the industry is in a long-run competitive equilibrium, what will be the market price and quantity, and how many firms will be in the industry?
Which of the following statements regarding the unemployment rates in the U.S. between 1971 and 2002 is true?
a. The unemployment among the whites were much lower compared to the non-whites. b. The unemployment rate for all workers reached a low of 2.9 percent in 1982. c. The unemployment rate of both male and female workers have consistently increased from 1971 to 1998. d. The whites had much higher unemployment rates than the nonwhites. e. Teenagers reported the lowest unemployment rates in the country.
A country may gain a temporary comparative advantage if it:
A. remains a political ally to all. B. remains self-sufficient until it stockpiles enough inventory to supply the world. C. is the first to discover and implement a new technology or production process. D. All of these are true.
According to the World Bank definitions, there are more people in the world living in extreme poverty than there are living in severe poverty.
Answer the following statement true (T) or false (F)