Perfectly competitive firms minimize their losses by producing the output level where P = MR = AVC.
Answer the following statement true (T) or false (F)
False
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The above figures show the market for HD televisions. If more firms start to produce HD televisions , which figure shows the effect of this change?
A) Figure A B) Figure B C) Figure C D) Figure D E) None of the figures represent this change.
Possible causes of an upward-sloping demand curve are:
a. consumers judge the quality of a product based on quality b. consumers judge the quality of a product based on price c. consumers purchase a product based on snob appeal d. a and b are true e. b and c are true
Increases in real GDP would overstate the increase in the well-being of a country over time if, over that time period, the
A) average hours worked per week increased. B) amount of pollution decreased. C) price level increased. D) crime rate decreased.
Empirical evidence suggests that usury laws
A) help poor consumers by lowering the interest rate they pay. B) hurt poor consumers by limiting their ability to borrow. C) keep interest rates low. D) limit the amount borrowed by wealthier consumers.