Refer to the following graph. Which of the following statements is true?
a. When output is zero losses equal TFC.
b. At the Break-Even Point marginal revenue equals marginal cost.
c. Any output below the Break-Even Point indicates profits are earned.
d. When Total Revenue equals Total Cost profits are maximized.
a. When output is zero losses equal TFC.
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The classic example used to discuss the problem of adverse selection is:
A. fruit and produce markets, such as lemons. B. workers who shirk when their effort isn’t closely monitored. C. the imbalance of information that exists between a buyer and seller of a used car. D. drivers with insurance who tend to drive more recklessly.
An essential piece of the liquidity preference theory is the demand for money
a. True b. False Indicate whether the statement is true or false
In a product market, which of the following might be purchased?
a. land for a housing development b. the labor of households c. umbrellas and raincoats d. manufacturing equipment
The balance of payments constraint refers to the limits on:
A. exchange rate policy imposed by flexible exchange rates. B. currency convertibility observed in most developing countries. C. domestic macroeconomic policy, arising from a shortage of international reserves. D. macroeconomic policy resulting from IMF conditionality.