The demand schedule reports the quantity demanded at
A. a zero price.
B. many different prices.
C. the average of all prices.
D. the market equilibrium price.
Answer: B
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The world rate of population growth is closest to
(a) 1%. (b) 2%. (c) 3%. (d) 4%.
If the Engel curve for a good is upward sloping, the demand curve for that good must be downward sloping
What will be an ideal response?
Bev is opening her own court-reporting business. She financed the business by withdrawing money from her personal savings account. When she closed the account, the bank representative mentioned that she would have earned $300 in interest next year. If Bev hadn't opened her own business, she would have earned a salary of $25,000 . In her first year, Bev's revenues were $30,000 . and she spent
$1,000 on materials and supplies. Which of the following statements is correct? a. Bev's total explicit costs are $26,300. b. Bev's total implicit costs are $300. c. Bev's accounting profits exceed her economic profits by $300. d. Bev's economic profit is $3,700.
Answer the following questions true (T) or false (F)
1. If a firm in a perfectly competitive industry introduces a lower-cost way of producing an existing product, the firm will be able to earn economic profits in the long run. 2. Firms in perfect competition produce the productively efficient output level in the short run and in the long run. 3. Firms in perfect competition produce the allocatively efficient output in the short run and in the long run.