What is the short-run breakeven point of operation in a perfectly competitive market?
In a perfectly competitive market, a producer breaks even in the short-run at the point where price equals the average cost and the marginal cost. This is known as the breakeven point of operation.
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Potential GDP increased from 4.7 trillion to 16.6 trillion between 1970 and 2013 resulting in economic growth. Also, during this time ________ occurred because ________
A) inflation; aggregate demand decreased by more than potential GDP B) stagflation; aggregate demand increased by more than potential GDP C) deflation; aggregate demand increased by more than potential GDP D) inflation; aggregate demand increased by more than potential GDP E) inflation; aggregate demand increased by less than potential GDP
What is meant by holding all else equal? How is this concept used when discussing movements along the demand curve? How is this concept used when discussing movements along the supply curve?
What will be an ideal response?
Which of the following policies is an example of a command-and-control policy?
a. subsidies to education b. maximum levels of pollution that factories may emit c. tradable pollution permits d. None of the above is an example of a command-and-control policy.
Which of the following laws stated that attempts to monopolize, conspiracies in restraint of trade, and conspiracies to monopolize were illegal?
A. The Federal Trade Commission Act B. The Clayton Act C. The Sherman Antitrust Act D. All of the choices are correct.