In the short run, in a perfectly competitive market, a firm will shut down if

A) P < AVC for all levels of output.
B) P < ATC for all levels of output.
C) ATC > P > AVC for all levels of output.
D) P > AFC for all levels of output.


A

Economics

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Suppose that in 2015 a country has a population of 1 million and real GDP of $1 billion. In 2016, the population is 1.1 million and the real GDP is $1.1 billion. The real GDP per person growth rate is

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Economics

An economist encounters some unexpected behavior in a market or laboratory setting. How can he or she distinguish between behavior resulting from mistakes by decision makers as opposed to being decisions based on unusual preferences?

a. If the same behavior is observed repeatedly even after opportunities to learn are provided, it is probably not a mistake. b. If the behavior is observed more often with inexperienced subjects, it is likely a mistake. c. Both a and b. d. It is impossible to distinguish between mistakes and unusual preferences empirically.

Economics

About how many Americans still live on farms today?

A. 4.5 million B. 14.5 million C. 24.5 million D. 34.5 million

Economics