In which year was the poverty rate the lowest?
A. 1960
B. 1973
C. 1984
D. 1993
B. 1973
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Briefly describe the concept of the "invisible hand."
What will be an ideal response?
Economists and accountants usually disagree on the inclusion of implicit costs into the cost analysis of a firm
a. True b. False Indicate whether the statement is true or false
The current demand for a good would decrease if
a. the price of a complementary good rose. b. the price of a substitute good rose. c. consumers suddenly believed the price of the good would be sharply higher in the future. d. consumer income increased.
Suppose the accompanying figure shows the demand curve, marginal revenue curve and marginal cost curve for a monopolist.
At this monopolist's profit-maximizing level of output, its total revenue equals the area:
A. 0HNC. B. 0FJB. C. ELJB. D. 0FLE.