Within the U.S. population, blacks of prime working age (ages 25-54) have higher rates of unemployment than whites of prime working age (ages 25-54), regardless of gender
a. True
b. False
Indicate whether the statement is true or false
True
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A business firm should refuse to sell any item for which it cannot obtain a price at least as large as what
A) it cost the firm to produce the particular item. B) it costs the firm on average to produce the item. C) it would cost the firm to produce another item identical to the item being sold. D) the item will be worth to the firm if not sold.
Many residents of the city of Adelphia drive without automobile insurance. Assuming that Adelphia is just like any other city and these are risk averse individuals, which of the following is most likely TRUE?
A) Economic models do not work. B) These people maximize wealth. C) The price of automobile insurance exceeds their maximum value of insurance. D) There are no automobile accidents or thefts in the city of Adelphia.
Explain how new technologies, which increase productivity, affect the average variable cost, average total cost, and marginal cost curves
What will be an ideal response?
If a firm earns zero economic profit in the long run, then it
a. must be in a perfectly competitive market b. must be in a monopolistically competitive market c. cannot be in a monopolistically competitive market d. could be in any of the four major market structures e. is not in an oligopoly