A perfectly competitive firm will be ________ if it operates at the minimum point on its average variable cost curve.
A. operating at its shutdown point
B. minimizing profits
C. breaking even
D. maximizing losses
Answer: A
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In a closed economy, if Y remained the same, but G rose, T rose by the same amount as G, and C fell but by less than the increase in T, what would happen to private and national saving?
a. national saving would fall and private saving would rise b. national saving would rise and private saving would fall c. both national saving and private saving would fall d. None of the above is correct.
Measured in 1990 dollars, the GDP per person of the world was $667 in 1813. By 2003, the world's income per person had risen to
What will be an ideal response?
A group of buyers and sellers of a particular good or service is called a(n)
a. coalition.
b. economy.
c. market.
d. competition.
Which conditions must hold if a firm is to successfully engage in price discrimination?
A. It must be extremely difficult, if not impossible, for one consumer to resell a product to another. B. Firms must have a sufficiently low amount of market power. C. Consumers must have very similar preferences for the product. D. All of these are correct.