Which of the following formulas is used to determine either total economic profit or total economic loss?
a. P* + ATC ? q*
b. P* ? ATC ? q*
c. q* ? ATC ? P*
d. q* + ATC ? P*
b. P* ? ATC ? q*
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Interest rate
What will be an ideal response?
When judging the competitiveness of markets by the behavior of firms in that market, one is using the:
A. "judgment by structure" criteria. B. "judgment by antitrust" criteria. C. "judgment by performance" criteria. D. "judgment by merger" criteria.
The question "Should children receive free lunch at school?" is an example of which fundamental economic question?
A. The What to Produce question. B. The Why to Produce question. C. The How to Produce question. D. The For Whom to Produce question.
Assume Sally is initially in equilibrium and that X and Y are normal goods for her. Then the price of X rises. For Sally to move to a new equilibrium point, her consumption of
A. X must increase. B. X must remain constant, but her consumption of Y must increase. C. both X and Y must increase. D. X must decrease.