The American Federation of Labor was organized
a. along ethnic lines
b. into geographic unions
c. as part of the Democratic Party
d. as an industrial union
e. along craft lines
E
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In a market system, ____ distributes goods among consumers in accord with their tastes and preferences, using voluntary exchange to determine who gets what.
A. a price system B. a regulatory framework C. a democratic government D. a closed system
Total utility decreases when diminishing marginal utility is present.
Answer the following statement true (T) or false (F)
In Figure 21.4, a firm that produces between 600 and 800 units per period should choose a plant with a short-run average total cost function of
A. ATC2 only. B. ATC3 only. C. ATC2 or ATC3. D. ATC1 only.
At an output of 10, ATC is $9 and price is $9. At an output of 11, ATC is $9 and price is $9. MC = MR at an output of 10.5. At that output the firm will
A. take a loss. B. break-even. C. make a profit.