The short-run supply curve of a perfectly competitive firm
a. intersects the minimum point of its short-run average total cost curve but not its short-run average variable cost curve.
b. intersects the minimum point of its short-run average variable cost curve but not its short-run average total cost curve.
c. intersects the minimum point of both its short-run average variable cost and its short-run average total cost curves.
d. intersects the minimum point of its short-run average total cost curve and may or may not intersect the minimum point of its short-run average variable cost curve.
c
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In a steady-state economy with no population growth, consumption per worker is 45, the saving rate is 25 percent, and the depreciation rate is 15 percent. The level of capital per worker is ________
A) 75 B) 36 C) 100 D) 27
Managers of profit centers earn more when their divisions
a. increase their sales and increase their costs b. decrease their sales and increase their costs c. decrease the costs of the components for which they are responsible d. increase the costs of the components for which they are responsible
Which of the following is most likely a topic of discussion in economics?
a. Families must decide whether to spend their money on a new car or a fancy vacation. b. Nations must choose whether to put more of the budget into police and fire protection or into the school system. c. Towns must choose whether to put more of the budget into police and fire protection or into national defense. d. Nations must decide whether to devote more funds to national defense or to police and fire protection.
Privatizing a public park would most likely do all of the following except
a. create a negative externality b. give people a more attractive park c. allow the new property owners to earn a profit d. assign property rights to the new owners e. bring in government revenue through the sale