The lowest point on the firm's long-run supply curve is the __________ point.
Fill in the blank(s) with the appropriate word(s).
break-even
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If you are willing to sell your car business for $500,000 and someone offers you $420,000 for it, this transaction will generate:
a. There is no surplus created b. $80,000 worth of seller surplus and unknown amount of buyer surplus c. $40,000 worth of buyer surplus and $40,000 of seller surplus d. $80,000 worth of buyer surplus and unknown amount of seller surplus
YearReal GDP (in billions of 2005 Dollars)Population (in Millions of People)1999$10,780279.632000$11,226282.4 Refer to Table 9.1. What was the growth rate of real GDP between 1999 and 2000?
A. 2.6% B. 1.1% C. 4.1% D. 3.0%
Predatory pricing
A. is usually quite effective at driving smaller firms out of a market. B. is illegal under antitrust laws. C. is a form of price leadership. D. is often an inexpensive way for a large firm to drive smaller firms out of a market.
Joe buys chicken and beef. If the price of beef rises and the price of chicken does not change, Joe will buy ________ for the CPI
A) more beef and create a new goods bias B) more chicken and create a commodity substitution bias C) the same quantity of beef and chicken and create a commodity substitution bias D) less chicken and beef and create a quality change bias E) more chicken and eliminate the commodity substitution bias