____________________ (Microeconomics/Macroeconomics) is the discipline of economics concered with individual units such as households, firms, and government.
Fill in the blank(s) with the appropriate word(s).
Microeconomics
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In the long run, firms in a perfectly competitive market will:
A. earn positive economic profits. B. exit if the price is lower than their lowest average total cost. C. attract other firms to the market if the price is equal to their lowest average total cost. D. not attract other firms if they are earning slightly positive economic profits.
Which of the following examples would fit this graph?
a. The production of the sculpture’s copies matches closely with consumer demand for this work.
b. The streaming of the album increases as good word-of-mouth spreads about it.
c. The manufacturing of a designer purse remains constant even though more people want to buy it.
d. The film’s distribution increases from 100 to 1,000 theaters despite low audience turnout.
The combination of food and clothing shown by point G on the above graph:
A. results only because society allocates its resources inefficiently. B. can be attained only if some of society's resources are unemployed. C. suggests that the law of increasing relative costs is not operating in this case. D. is not attainable, given society's available resources and technology.
The following diagram shows a consumer's demand schedule for a good. At a price of $2, consumer surplus is:
a. ?$200. b. ?$5. c. ?$80. d. ?$10. e. ?$4.