If all consumers are price-takers facing the same prices, then all choice sets are the same.
Answer the following statement true (T) or false (F)
False
Rationale: While the slopes of the budget constraints will be the same for all consumers, the choice sets will differ depending on each consumer's income.
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Paul Bergen and Virginia Clancy each own a 100-acre soybean farm in Soyburg, Illinois. Together they grow 1/1000th of 1 percent of the nation's soybeans. When they merge, it will:
a. b and e. b. be a horizontal merger. c. reduce competition in the soy market. d. increase the market power of Paul and Virginia. e. probably go unnoticed outside of Soyburg.
Suppose that the current overall unemployment rate is 7.5%. If structural unemployment is 1.5%, frictional unemployment is 3%, and cyclical unemployment is 2%, what is the unemployment rate that is due to seasonal factors?
a. 14.0% b. 5.5% c. 4.5% d. 6.0% e. 1.0%
Refer to the information provided in Table 8.6 below to answer the question(s) that follow.
Table 8.6
Refer to Table 8.6. What is the total cost of producing zero units of output?
A. $0 B. $15 C. $30 D. indeterminate from the given information
Which statement is true?
A. The United States' economic system leads to an equitable distribution of income. B. One of the basic functions of the United States' government is to transfer some income from the rich and the middle class to the poor. C. The price mechanism and the definition of economics are incompatible. D. None of the statements are true.