A firm has reached its shutdown point when price is equal to minimum average total cost
Indicate whether the statement is true or false
FALSE
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Starting from long-run equilibrium, a large decrease in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; lower; potential B. expansionary; higher; potential C. recessionary; lower; potential D. recessionary; lower; lower
Refer to Figure 15-9. At the profit-maximizing quantity, what is the difference between the monopoly's price and the marginal cost of production?
A) $8 B) $11.50 C) $21 D) There is no difference.
A fishing boat owner brings 50,000 fish to market and the market price is $4 per fish. Her average variable cost of 50,000 fish is $1 and the fixed cost of the boat is $100,000 . what is her profit per fish?
a. $1 b. $500 c. $5,000 d. $25,000 e. $500,000
Income per person in the United States is approximately ____ that of Sierra Leone, Malawi, and Niger, three of the world's poorest countries
Fill in the blank(s) with the appropriate word(s).