If the market price is less than a perfectly competitive firm's average total cost, what sort of profit or loss is the firm making?
What will be an ideal response?
If the price is less than the average total cost, the firm is incurring an economic loss.
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Pat Robertson, a TV evangelist and former Republican Party candidate for president, once said that “debt is an affront to God,” so good Christians should not spend beyond their incomes. Indeed, Robertson wants Christians to save more. If more Americans, Christians as well as others, took his message seriously, how would we represent the result using a Keynesian macroeconomic model?
A. A downward movement along the consumption function B. An upward movement along the consumption function C. A downward shift of the consumption function D. An upward shift of the consumption function
What is intertemporal comparative advantage?
What will be an ideal response?
Which scenario best demonstrates how money functions as a unit of account?
a. Haley knows that a gel pen costs $1.50 and a jar candle is $9, so a candle is equal to six pens. b. Gregory gives Carlito $100 and receives a new pair of jeans in exchange. c. Miguel makes a payment on his car loan every month. d. Each quarter, Celeste deposits money into a Roth IRA to save for her retirement.
During the last half of 2008 and the first half of 2009, the congress passed and the President signed two bills totaling about _______________ in an attempt to avert the Great Recession.
A. $700 billion B. $800 billion C. nearly $1.5 trillion D. more than $2.0 trillion