In long-run equilibrium, the perfectly competitive firm will
A) go out of business.
B) produce to the point at which marginal cost is at its minimum.
C) produce to the point at which marginal cost equals average total cost.
D) produce on the upward sloping portion of its ATC curve.
Answer: C
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When the government has a budget surplus
a. it buys more of its bonds from the public than it sells to the public. b. it spends more than it receives in tax revenue. c. private saving is greater than zero. d. exports are greater than imports.
Exhibit 16-3 Income for two persons NameIncome Meredith$124,000 Hillary$ 45,000 In Exhibit 16-3, if the income tax system is currently proportional, we know that:
A. Meredith would probably prefer a progressive income tax system while Hillary would probably prefer a regressive income tax system. B. Meredith and Hillary would both probably prefer a regressive income tax system. C. Meredith and Hillary would both probably prefer a progressive income tax system. D. Meredith would probably prefer a regressive income tax system while Hillary would probably prefer a progressive income tax system.
The aggregate supply-aggregate demand diagram models
A. the behavior of individual firms. B. the interaction of producers and consumers for a particular good or service. C. the economy as a whole. D. the behavior of individual consumers.
The development of interchangeable parts by Eli Whitney and Simeon North allowed:
a. a. firms to better implement continuous-process manufacturing. b. producers to reduce production costs and increase supply. c. for easier and cheaper repair of damaged goods. d. All of the above.