Consumers and firms are known as price takers only if
A) no market exists to determine the equilibrium price.
B) they can set the market price.
C) they cannot unilaterally affect the market price.
D) excess demand exists.
C
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An indifference curve shows the combinations of two goods that yield the same level of utility.
Answer the following statement true (T) or false (F)
Emigration is when people leave a country because of supply push factors
Indicate whether the statement is true or false
A firm's ________ curve in a perfectly competitive product market is the same as its supply curve. Similarly, a firm's ________ curve in a perfectly competitive labor market is the same as its demand curve.
A. total revenue; total cost B. total cost; total revenue C. marginal cost; marginal revenue product D. marginal revenue product; marginal cost
Consider the choices below. All of these except one truly represent the record of productivity growth in the United States from 1800 to the present. Find the one that does not belong.
A. Growth of per capital real GDP slowed down considerably between 1973 and 1994 B. The best period for GDP growth was the production boom between 1995 and 2005 C. There was a rapid rise in the growth rate of per capita GDP between 1950 and 1972 D. GDP per capita fell rapidly between 1900 and 1950