Property that is owned by everyone and therefore by no one in particular is referred to as
A. free property.
B. social property.
C. private property.
D. common property.
Answer: D
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Based on the figure below. Starting from long-run equilibrium at point C, a tax increase that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies.
A. D; C B. D; B C. A; B D. B; C
An efficient price is a price set at:
A) marginal cost. B) opportunity cost. C) average fixed cost. D) average variable cost.
The highest expenditure on a security item found in national spending at the federal, state, and local level is on
a. police b. fire c. corrections d. national defense e. Social Security
In the above figure, at the profit-maximizing rate of production for the perfectly competitive firm total revenue is
A) $100. B) $70. C) $30. D) $130.