Economic mobility in the United States is
a. great, so many of those below the poverty line are there only temporarily.
b. rare, so most of those below the poverty line are there for decades.
c. rare, yet many of those below the poverty line are there only temporarily.
d. unrelated to poverty.
a
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A firm practicing direct price discrimination will charge a higher price to
a. Consumers known to have an elastic demand b. All consumers c. Consumers known to have an inelastic demand d. Consumers known to have a unitary elastic demand
Write out the equation of exchange. What assumptions did the classical economists make about the variables that compose the equation, and what did this lead them to conclude about money and prices?
In a competitive price-taker market,
a. many other sellers are offering a product that is essentially identical. b. consumers have more influence over the market price than producers do. c. government intervention prevents firms from influencing price. d. producers agree not to change the price.
Allocative efficiency is achieved when the production of a good occurs where:
A. P = minimum ATC. B. P = MC. C. P = minimum AVC. D. total revenue is equal to TFC.