The short-run equilibrium output of a competitive firm is found by equating marginal cost with price.
Answer the following statement true (T) or false (F)
True
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Payments to Social Security recipients would decline if the retirement age were lowered.
Answer the following statement true (T) or false (F)
In the United States in 2015, purchases of capital equipment, inventories, and structures represented approximately
a. 3 percent of GDP. b. 7 percent of GDP. c. 15 percent of GDP. d. 17 percent of GDP.
The key assumption that accompanies the use of numbers for measuring utility is that:
A. people make consumption decisions. B. utility can be perfectly measured. C. utility cannot be measured by an outside party. D. individuals choose based on their preferences.
The estimated demand for a good is
= 4800 - 16P - 0.65M - 1.5PRwhere Q is the quantity demanded of the good, P is the price of the good, M is income, and PR is the price of related good R. This good and good R are
A. complements since the coefficient on PR is negative. B. substitutes since the coefficient on M is negative. C. complements since the coefficient on M is negative. D. substitutes since the coefficient on PR is negative. E. none of the above