Equity is the condition in which the economy is producing what people want at the least possible cost.
Answer the following statement true (T) or false (F)
False
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Suppose the cost curves in the above figure apply to all firms in the market. If the initial price is P1, firms are ________ and some firms will ________ the industry
A) making an economic profit; leave B) making an economic profit; enter C) incurring an economic loss; leave D) incurring an economic loss; enter
Here's a rather specific question concerning U.S. historical agricultural data. Which of the following increased fivefold from 1950 to 1980?
a. number of farms b. use of horses and mules per farm c. number of farmers d. use of chemical fertilizers per acre e. acreage needed to feed horses and mules
If there is an increase in the price of oil, then
a. unemployment rises. If the central bank tries to counter this increase, inflation rises. b. unemployment rises. If the central bank tries to counter this increase, inflation falls. c. unemployment falls. If the central bank tries to counter this decrease, inflation falls. d. unemployment falls. If the central bank tries to counter this decrease, inflation rises.
Suppose the accompanying figure shows the demand curve, marginal revenue curve and marginal cost curve for a monopolist.
At the monopolist's profit-maximizing level of output, deadweight loss equals the area:
A. C0N B. ALN C. JKN D. JLN