An indifference curve is a set of points, each point representing a combination of two goods, all of which represent the same total utility.
Answer the following statement true (T) or false (F)
True
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A firm in a perfectly competitive industry is maximizing its economic profit by producing 500 units of output. At 500 units of output, which one of the following must be false?
a. MC < ATC b. MC < AVC c. MC > ATC d. MR < ATC e. MR > AVC
If a firm is inundated by qualified applicants when it advertises a job opening and the firm's quit rate is unusually low, then the firm is probably paying
A. each worker its marginal revenue product. B. above the market wage. C. the market wage. D. below the market wage.
This graph demonstrates the domestic demand and supply for a good, as well as the world price for that good.
According to the graph shown, if this economy were an autarky, producers would enjoy area:
A. BCEFG B. G C. EFG D. BCDEFG
In Sioux Falls, South Dakota, there are many pizza restaurants, each offering similar types of pizza but each restaurant is located in a different place around the city. It is likely a pizza restaurant in Sioux Falls, South Dakota, operates in a(n):
A. perfectly competitive market. B. monopolistically competitive market. C. monopoly market. D. oligopoly market.