If the market price falls below the bottom of the firm's ATC curve:
A. there is no level of output at which the firm can make a profit.
B. the firm is earning profits.
C. the market price must be lower than the firm's AVC.
D. Total revenue must be higher than total cost.
A. there is no level of output at which the firm can make a profit.
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Each member of the Federal Reserve's Board of Governors is appointed for life
a. True b. False Indicate whether the statement is true or false
In a long-run equilibrium, the marginal firm has
a. price equal to average total cost. b. total revenue equal to total cost. c. economic profit equal to zero. d. All of the above are correct.
Who does not sit on the Federal Open Market Committee?
A. The president of the New York Federal District Bank B. The Chairman of the Federal Reserve Board C. The Secretary of the Treasury D. The members of the Federal Reserve Board
A circular-flow diagram is a model that
a. helps to explain how participants in the economy interact with one another.
b. helps to explain how the economy is organized.
c. incorporates all aspects of the real economy.
d. Both (a) and (b) are correct.