If the perfect competitor is taking a loss, its output will be _______ it's most efficient output.
A. greater than
B. equal to
C. less than
C. less than
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An indifference curve is a line showing
A. combinations of goods that can be produced if all resources are fully employed. B. all combinations of two commodities that are equally desirable to the consumer. C. all combinations of goods over which the consumer has no choice. D. how decisions are made in a nonmarket economy.
What does the GDP gap measure?
In 1936, when the Fed doubled the reserve requirements, bank executives:
A. allowed their excess reserves to decline. B. maintained the level of excess reserves desired by the Fed. C. increased excess reserves to the level prior to the change in requirements. D. increased lending from remaining reserves, causing inflation.
People out of work for 27 weeks or longer are said to be short-term unemployed
Indicate whether the statement is true or false