A surplus occurs when the market price is lower than the equilibrium price
Indicate whether the statement is true or false
FALSE
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A perfectly competitive firm shuts down if the price of its product is
A) greater than its minimum average variable cost. B) less than its minimum average variable cost. C) greater than its maximum variable cost. D) less than its minimum total cost.
The entire sequence of a decline in aggregate economic activity followed by recovery, measured from peak to peak or trough to trough is a
A) long-run trend. B) potential output path. C) business cycle. D) recurrent comovement.
Assume the market for candles is competitive. A decrease in the market price of candles
a. decreases the demand for workers who make candles and decreases their equilibrium wage. b. decreases the demand for workers who make candles and increases their equilibrium wage. c. increases the demand for workers who make candles and decreases their equilibrium wage. d. increases the demand for workers who make candles and increases their equilibrium wage..
Following the Civil War, U.S. currency included all of the following except:
a. wooden nickels. b. silver and gold specie. c. bank notes. d. greenbacks.