Given a perfectly competitive market structure at the profit-maximizing output level, a firm's total fixed cost is $15, total variable cost is $137, marginal revenue is $4, and the quantity demanded is 65 . The total profit earned by the firm is $108
a. True
b. False
Indicate whether the statement is true or false
True
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People are especially prone to undervaluing opportunity costs when
A. they are nonmonetary, such as time. B. they involve obvious costs, like lost wages. C. All of these are true. D. they are monetary.
What is the difference in the concepts of economic growth and economic expansion?
a. Both terms are used interchangeably and refer to quarterly increases in output. b. Economic growth refers to the long-tun upward trend in output over a longer period of time, usually more than a decade, which is measured as the average annual change in output over the period. An expansion refers to a shorter time period during which output increases quarter by quarter or year by year. c. An expansion refers to the long-tun upward trend in output over a longer period of time, usually more than a decade, which is measured as the average annual change in output over the period. Economic growth refers to a shorter time period during which output increases quarter by quarter or year by year. d. Both terms are used interchangeably and refer to the long-tun upward trend in output over a longer period of time, usually more than a decade, which is measured as the average annual change in output over the period. e. Economic growth is the term reserved for periods of prosperity in less developed countries while expansion is the term reserved for developed industrial countries.
Indirect finance includes the sale by a corporation of stocks or bonds, as well as borrowing money from a bank
Indicate whether the statement is true or false
Welfare caseloads tend to fluctuate with
a. business cycles. b. weather. c. stock markets. d. minimum wage rates.