To determine if a firm is operating at peak efficiency we need to look at
A. a firm's ATC curve.
B. a firm's demand curve.
C. a firm's AVC curve.
D. where MC = MR.
A. a firm's ATC curve.
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If the percentage change in quantity demanded is zero for any percentage change in the price of the good, demand is classified as:
A. perfectly inelastic. B. inelastic. C. unit elastic. D. perfectly elastic.
How does the contribution to national output of a wheat farmer get counted in the gross domestic product if the Bureau of Economic Analysis measures only the value of final goods such as loaves of bread?
A) Agricultural production is not part of GDP. B) It is counted separately by the Department of Internal Revenue. C) It is included in the cost of materials purchased by those who sell loaves of bread. D) It is not counted, which results in an underestimation of GDP. E) Wheat is also a final good because it is more ultimate than bread.
In the above figure, the total fixed cost curve is curve
A) A. B) B. C) C. D) none of the curves in the figure.
The CPI is the price index used to calculate real GDP
a. True b. False