The relative concept of poverty is based on how far behind average income a particular family gets
a. True
b. False
Indicate whether the statement is true or false
True
You might also like to view...
Figure 9-1 shows the marginal cost and average total cost curves for a perfectly competitive firm. If the market price is $10, and the firm produces more than 200
a.
the firm earns less profit per unit than if it produced 200 but more total profit.
b.
the firm earns more profit per unit than if it produced 200 and more total profit.
c.
the firm earns less profit per unit than if it produced 200 and less total profit.
d.
the firm earns more profit per unit than if it produced 200 but may make a loss.
e.
the firm will instantly go from making a profit to making a loss
In the short run, if a perfectly competitive firm is producing at a price below average total cost, its economic profit is:
A. positive. B. zero. C. negative. D. normal.
the total market value of final goods and services that could be produced in a given time period at full employment
Fill in the blank(s) with the appropriate word(s).
Using Figure 3 above, suppose that the economy was at Y2. This level of GDP would be considered:
A. inflationary. B. a long run level of output. C. recessionary. D. unsustainable over time.