A perfectly competitive firm's short-run break-even output occurs
A) at the minimum point of its average variable cost curve.
B) at the minimum point of its average total cost curve.
C) at the minimum point of its marginal cost curve.
D) at the intersection of its total cost curve and its marginal revenue curve.
B
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By itself, an increase in exports
A) increases GDP. B) decreases GDP. C) means imports decrease by the same amount. D) can either increase or decrease GDP, depending on whether the exports are durable or nondurable.
Suppose the Fed is targeting real GDP. If the interest rate is below its forecast and the Fed is convinced that this is due to commodity demand instability, it will ________ the money supply, which turns out to be exactly the wrong thing to do if the
low interest rate is in fact due to ________ money demand. A) raise, high B) raise, low C) lower, high D) lower, low
When there is only one buyer of labor in a community, we talk of a
A) monopoly. B) monopsony. C) monopolistic market. D) labor cooperative.
According to the theory of the political business cycle, the fed expands the money supply before presidential elections to stimulate the economy and favor the incumbent administration
a. True b. False Indicate whether the statement is true or false