If a perfect competitor's ATC curve is above its demand curve for every possible output the firm is
A. losing money in the short run.
B. losing money in the long run.
C. making a profit in the short run.
D. making a profit in the long run.
A. losing money in the short run.
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A new toll of $0.50 per car is in place on a bridge, and 1,000 cars have used the bridge. Total tax revenues would be:
A. $500. B. $2,000. C. $1,000. D. $5,000
Economic models simplify reality and help us to better understand important aspects of it
Indicate whether the statement is true or false
Recessionary gaps usually lead to
a. structural unemployment. b. cyclical unemployment. c. seasonal unemployment. d. frictional unemployment.
Since 1946, the president of the United States has received guidance from a group comprised of three members and a staff of a few dozen economists known as the