A purely competitive firm should produce in the short run if its total revenue is sufficient to cover its:
A. total variable costs.
B. total costs.
C. total fixed costs.
D. marginal costs.
Answer: A
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Provide a concise statement on the relationship between the debt crisis and:
(a) foreign direct investment, (b) trade liberalization, (c) absolute poverty, and (d) investment levels.
Discouraged workers are discouraged because
A) their employers continue to underpay them. B) they are working part-time, but they want full-time work. C) they don't have jobs and are pessimistic about their chances of finding a suitable job. D) their employers are too demanding.
On the graphs above, show how the central bank implements a decrease in the inflation target. In words, explain why the change in the real interest rate is temporary
What will be an ideal response?
How do high tariffs and other restraints on international trade affect a nation's prosperity?
a. They increase employment and thereby promote the growth of real GDP. b. They prevent the nation from fully realizing the potential gains from specialization, exchange, and competition. c. They protect domestic producers and thereby promote economic growth. d. Both a and c are correct.