When a perfectly competitive firm decides to shut down, it is most likely that
a. marginal cost is above average variable cost.
b. marginal cost is above average total cost.
c. price is below the firm's average variable cost.
d. fixed costs exceed variable costs.
c
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Which of the following occurs when an employer refuses to hire a qualified individual due to the job applicant’s race, gender, or religion?
a. Discrimination b. Cognitive bias c. Affirmative action d. Racial profiling
Carefully define the following terms and explain their importance
a. variable b. ray c. slope d. contour map
Demand takes into account goods, but not services
Indicate whether the statement is true or false
An economy produces 1,000,000 computers valued at $2,000 each. Households purchase 200,000 computers, of which 100,000 are imported. Businesses purchase 300,000 domestically produced computers, the government purchases 300,000 domestically produced computers, and 100,000 domestically produced computers are sold abroad. At the end of the year, the computer manufacturers hold the unsold computers in inventory. What is the value of the investment component of GDP?
A. $1.0 billion B. $0.9 billion C. $0.8 billion D. $0.6 billion