The minimum efficient scale is the level of output where the short-run average-total-cost curve reaches its minimum point
a. True
b. False
Indicate whether the statement is true or false
False
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The change in the labor force participation rate of married women in the US is often explained by
A) declining productivity in agricultural production. B) a rise in average household size. C) increased education and an increased demand for labor. D) the decreased opportunity cost of working in the home. E) declining productivity in household production.
At the beginning of the year, your wealth is $10,000. During the year, you have an income of $80,000 and you spend $90,000 on consumption. You pay no taxes. Your wealth at the end of the year is
A) $20,000.00. B) $0. C) $90,000.00. D) $100,000.00.
A recent study by economists at the Federal Reserve Bank of New York estimates that over the period from 1970 to 2013, the average college graduate earned ________ more per year than the average person who had only a high school degree
A) $5,750 B) 13,275 C) $23,500 D) $44,400
If firms are price setters, a small decline in the demand for their outputs will cause them to
A) reduce price and reduce the level of output produced. B) reduce output in the short run, but reduce price in the long run. C) reduce price in the short run, but reduce output only in the long run. D) increase price in the short run to offset the effect on profits of a decline in output.