The firm in the above figure breaks even when market price is
A. H.
B. G.
C. E.
D. I.
Answer: A
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A perfectly inelastic demand means:
A. consumers will change the quantity they purchase when price changes. B. demand will drop to zero if the price increases by any amount. C. consumers will not change the quantity they purchase when price changes. D. the demand curve is perfectly horizontal.
A game show host who gave up his job as a teacher brags about his salary, saying "the rest is pure gravy." Here, "the rest" refers to
a. opportunity cost b. implicit cost c. explicit cost d. the height of his labor supply curve e. economic rent
Which of the following will be most likely to cause the production possibilities curve for a country to shift inward?
a. an increase in the labor force b. an increase in unemployment c. development of an improved technological method of production d. a decrease in the stock of physical capital
An increase in the economic output of a society is known as ______.
a. efficiency b. scarcity c. consumerism d. growth