What is always TRUE about the short-run equilibrium position for a firm in perfect competition?
A) MR = MC = P = ATC = AR
B) TR = TC
C) MR = MC = P = AR
D) MC = ATC
C
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To eliminate an inflationary gap, Keynesian theory indicates that government should
A) increase taxes. B) decrease taxes. C) increase government purchases. D) decrease government purchases. E) either a or d
By looking at the marginal cost and marginal revenue curves, you can find out
a. if this firm should shut down. b. if this is a profitable business. c. at what output the firm would maximize profits or minimize losses. d. All of these.
Airlines charge a ____________ to business travelers compared to leisure travelers because business travelers have a ____________ demand than leisure travelers
a. Higher; more elastic b. Higher; less elastic c. Lower; more elastic d. Lower; less elastic
Discouraged workers are included in
a. the number of unemployed. b. frictional unemployment. c. the labor force. d. None of the above is correct.