Perfect competition requires that three conditions be satisfied
a. True
b. False
Indicate whether the statement is true or false
False
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Janet Yellen, Chair of the Federal Reserve, must choose whether tomorrow she meets with the Secretary of the Treasury or with the Congress regarding the financial crisis. This choice reflects the
A) fact that Ms. Yellen faces scarcity. B) concept of entrepreneurship. C) fact that Ms. Yellen responds to incentives. D) use of capital.
In 2017, approximately what percent of Americans were below the poverty line?
A. 2 percent. B. 8 percent. C. 36 percent. D. 12 percent.
GDP ignores all of the following EXCEPT:
A. household production. B. the value of leisure time. C. products produced in other countries that are sold in the United States. D. changes in the environment that occur in the production of output.
If TR equals TC, the a firm
A. earns a profit of $0. B. suffers a loss. C. earns a positive profit. D. shuts down.