A purely competitive firm is currently in short-run equilibrium and its MC exceeds its ATC at its current output level. It can be concluded that:
A. Firms will leave the industry in the long run
B. The firm is realizing an economic profit
C. The firm is suffering a loss
D. The firm will shut down in the short run
B. The firm is realizing an economic profit
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State whether each of the following goods is nonrival, nonexcludable, or both:
a. a botanical garden b. a public beach c. a congested interstate highway d. a toll bridge e. street lights
If the number of people unemployed is 100, the number of people employed is 1000, and the working-age population is 1400, then the labor force participation rate is
A) 78.6 percent. B) 71.4 percent. C) 64.3 percent. D) 66.6 percent.
The legal system in which the law is continually reinterpreted by judges is labeled ________
A) a Napoleonic system of law B) a tropicalismo system C) a common law system D) a constitutional system
If the quantity demanded of product S increases as the price of product T decreases, then S and T are complements
a. True b. False Indicate whether the statement is true or false