During the housing bust that began in 2006, the fewest foreclosures were among people with ______ mortgages.
a. subprime
b. zero-down
c. adjustable-rate
d. fixed-rate
d. fixed-rate
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The above figure shows a perfectly competitive firm. If the market price is $5, the firm
A) is making an economic profit. B) is making zero economic profit. C) will immediately shut down. D) will not shut down. E) might shut down but more information is needed about the AVC.
Max has allocated $100 toward meats for his barbecue. His budget line and an indifference map are shown in the above figure. If the price of burger increases,
A) Max will buy less burger and more chicken. B) Max will buy less burger and the same quantity of chicken. C) Max will buy less of both meats. D) More information is needed to answer the question.
The ________ supply curve(s) of a perfectly competitive firm is the portion of its marginal cost curve that lies above its average variable cost curve.
A. short-run and long-run B. short-run C. long-run D. A perfectly competitive firm faces no supply curve.
Refer to the information provided in Figure 33.1 below to answer the question(s) that follow.
Figure 33.1Refer to Figure 33.1. The opportunity cost of producing a bushel of soybeans in the United States is
A. twice as much as that in Canada. B. the same as that in Canada. C. 1/2 as much as that in Canada. D. 4 times as much as that in Canada.