Economic analysis assumes that, for each output level, the firm
a. operates at minimum point of its average total cost curve
b. operates at minimum point of its long-run average total cost curve
c. seeks lowest possible cost of producing that quantity of output
d. produces at maximum point of its total revenue curve
e. produces at maximum point of its total product curve
C
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A worker repairing VHS cassette-tape players was laid off because most of his customers have started using DVD players. This worker is now:
What will be an ideal response?
The demand for labor is called a derived demand because it is derived from the
A. productivity of labor. B. amount of labor available at different wages. C. demand for firms' outputs. D. supply of the firm's products.
The Fed's duties include acting as a lender of last resort and supervising or regulating a variety of financial institutions.
Answer the following statement true (T) or false (F)
People's incomes are relatively low when they are young, reach a peak in middle age, and then decline. This fact helps explain:
A. the wide variations of Gini ratios among nations. B. the equality-efficiency trade-off. C. why the lifetime distribution of income is more equal than the distribution in any given year. D. why the lifetime distribution of income is less equal than the distribution in any given year.