Market income is defined as wages, interest, rent, and profit earned in factor markets plus cash payments to households by the government
Indicate whether the statement is true or false
FALSE
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If the market price is $25 in a perfectly competitive market, the marginal revenue from selling the fifth unit is
A) $5. B) $12.50. C) $25. D) $125.
If a firm in a competitive industry is making zero economic profit but still producing, it must be the case that:
a. MC = MR > ATC. b. MC = MR < ATC. c. MC = ATC > MR. d. MC = MR = ATC. e. this situation is not possible.
With respect to how economists study the economy, which of the following statements is most accurate?
a. Economists study the past, but they do not try to predict the future. b. Economists use "rules of thumb" to predict the future. c. Economists devise theories, collect data, and analyze the data to test the theories. d. Economists use controlled experiments in much the same way that biologists and physicists do.
About 1 out of every _____ black Americans is poor.
A. 12 B. 7 C. 4 D. 2