When the price of rice rises,
A) the market quantity supplied of rice increases.
B) the market supply of rice increases.
C) the market quantity of rice demanded decreases.
D) Both A and C are true.
E) Both A and B are true.
D
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Define the shutdown point. Explain why the firm shuts down in the short run if the price falls below this point
What will be an ideal response?
The gap between average total cost and average variable cost:
a. is constant at all ranges of output. b. is high at high levels of production. c. declines as output expands. d. depends on the production technology.
Those who view education as a sorting mechanism emphasize that employers value the
A. skills that people who attend college have already acquired before they enter college. B. docility and deference to authority learned in the classroom. C. analytic ability of the highly educated worker. D. work habits picked up in the home and school.
Refer to the diagram. The break-even level of income is:
A. zero.
B. $150.
C. $60.
D. $120.