A payment the government makes to either the buyer or seller, usually on a per-unit basis, when a good or service is purchased or sold is called a
a. black market.
b. interest rate.
c. subsidy.
d. tax.
C
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For a perfectly competitive rancher in Wyoming, if the price does not change, an economic profit could turn into an economic loss if the
A) average total cost curve shifts downward. B) average total cost curve does not change. C) average total cost curve shifts upward. D) marginal cost curve shifts downward. E) average fixed cost decreases.
Describe the three types of unemployment
What will be an ideal response?
Antitrust laws may
a. enhance the ability of firms to capture profits from a concentration of market power. b. enhance the ability of firms to reduce economic losses. c. restrict the ability of firms to operate at the socially efficient level of production. d. restrict the ability of firms to merge.
Holding other factors constant, if 3D-printing technology allows factory workers to manufacture more products per hour, then the real wages of factory workers will ________ and employment of factory workers will ________.
A. increase; increase B. decrease; increase C. increase; decrease D. decrease; not change