Which statement is correct?
A. Farmers fared considerably better than most other economic groups during the Great Depression
B. Farmers typically sell their products in highly competitive markets and buy in imperfectly competitive markets
C. The principal beneficiaries of government farm subsidies have been the very-low-income farmers
D. The use of price supports has accelerated the exodus of resources from agriculture
B. Farmers typically sell their products in highly competitive markets and buy in imperfectly competitive markets
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In perfect competition in the long-run equilibrium, can consumer surplus or producer surplus be increased? Explain your answer
What will be an ideal response?
One way to solve the problems caused by information asymmetry is:
A. proofing. B. surfing. C. signaling. D. All of these are solutions to information asymmetry.
The accompanying table shows a pizzeria's fixed cost and variable cost at different levels of output. Pizzas sell for $20 each.Number of Pizzas Per DayFixed Cost ($/Day)Variable Cost ($/Day)050002550015050500250755004501005008501255001,650 When the pizzeria makes 100 pizzas per day, it earns an economic ________ of ________.
A. loss; $500 B. loss; $650 C. profit; $650 D. profit; $1,150
Fixed costs are those costs that are
A. unchanging through time. B. independent of the amount of output a firm produces in the short run. C. zero if the firm produces no output in the short run. D. dependent of the amount of output a firm produces in the short run.