A negative income tax program is designed to assist the unemployed
Indicate whether the statement is true or false
F
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If a perfectly competitive firm charges a price that is equal to its average total cost:
A. the firm is earning an economic profit equal to zero. B. the firm is earning an economic profit greater than zero. C. the firm is earning an economic profit less than zero. D. It is not possible to determine anything about the firm's profits.
An agricultural corn market faces a positive supply shock due to a beneficial rainy season and the use of new genetically modified seeds. As a result, farmers face the largest crop harvest in decades. Which answer below explains how a farm could actually go bankrupt under this scenario
A) The elasticity of supply for corn is elastic such that a positive shock reduces total revenue. B) The demand for corn is inelastic such that a positive supply shock reduces total revenue. C) An inelastic demand curve will cause revenue to fall because price decreases by more than the increase in quantity demanded. D) B and C
The Solow residual is
A. a measure of the proportion of involuntarily unemployed workers. B. the most common measure of productivity shocks. C. a measure of the efficiency of the production process. D. the waste from the production process.
What is the lowest price at which a firm produces an output? Explain why
What will be an ideal response?