In the short run, if a firm shuts down, its loss is equal to
a. $0
b. its variable costs
c. its fixed costs
d. fixed costs minus variable costs
e. fixed costs minus total revenue
C
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If you dump trash in a vacant lot despite regulations against it, then you are
A) saving landfill space and creating a social benefit. B) acting rationally and generating a positive externality. C) avoiding the private costs associated with disposing your trash some other way and creating a social cost. D) acting economically irrational and creating a social cost.
The fact that prices for similar goods differ across nations complicates comparisons of real GDP across countries
Indicate whether the statement is true or false
Price will be higher and output will be lower under monopoly than under perfect competition with the same demand and cost conditions
Indicate whether the statement is true or false
What is one reason for the high interest rates for home loans offered to those with low credit ratings?
A) Predatory lending practices B) Those with lower credit ratings faced a restricted supply of loans, ceteris paribus. C) Those with lower credit ratings typically demand greater loans, ceteris paribus. D) Government regulation