As a perfectly competitive firm produces at the point where price equals marginal cost, it has no supply curve, only a supply point
a. True
b. False
Indicate whether the statement is true or false
False
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Arguing that economic growth will eventually stop because we will run out of natural resources:
A. ignores the power of markets to recognize shortages and induce changes in behavior. B. must be correct because scarcity exists. C. is supported today by the fact that richer countries have fewer natural resources. D. will only be correct if growth takes the form of newer, more efficient goods and services.
Mihaela has $10 to spend. Assuming hamburgers cost $2 and milkshakes cost $1, what combination of hamburgers and milkshakes offers the highest total utility?
a. 5 hamburgers and 0 milkshakes b. 4 hamburgers and 2 milkshakes c. 3 hamburgers and 4 milkshakes d. 2 hamburgers and 6 milkshakes
The demand for inputs is ________ because it depends on the demand for outputs.
A. unrelated to cost B. inconsequential C. a secondary demand D. a derived demand
When the U.S. experiences economic growth, the poverty rate will:
A. fall, because growth has benefited everyone. B. increase, because growth typically only benefits the richest 1 percent. C. fall, because growth typically helps the poor more than the wealthy. D. increase, because growth has benefited the wealthy more than the poor.