In the short run, the price at which a firm's total revenues equal its total costs is
A) a point of positive profits.
B) a no return price.
C) the short-run shutdown point.
D) the short-run break-even point.
Answer: D
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The natural unemployment rate is the unemployment rate that exists when there is no
A) cyclical unemployment. B) frictional unemployment. C) structural unemployment. D) unnecessary unemployment. E) cyclical or structural unemployment.
For an individual consumer, a corner solution may be optimal such that MRS and MRT are not equal,
A) but this is not possible in an Edgeworth Box due to the transitivity of preferences. B) but this is not possible in an Edgeworth Box because price ratios must be positive. C) and this may also occur in an Edgeworth Box. D) and this may only occur in an Edgeworth Box under the perfect complements case.
Since the U.S. is organized as a market economy, the government sector does not play any role in economic activity
a. True b. False Indicate whether the statement is true or false
Which of the following can defeat the profit-maximizing strategy of price discrimination?
a. consumer surplus b. deadweight loss c. market power d. arbitrage