In perfect competition, a firm's ________ curve is horizontal.
A. total cost.
B. total revenue
C. marginal cost
D. marginal revenue
Answer: D
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Convexity of indifference curves imply that consumers are willing to
A) give up more "y" to get an extra "x" the more "x" they have. B) give up more "y" to get an extra "x" the less "x" they have. C) settle for less of both "x" and "y". D) acquire more "x" only if they do not have to give up any "y".
Low-income countries are classified as having
a. less than $1,025 per capita income. b. less than $5,000 per capita income. c. less than $9,190 per capita income. d. less than $12,475 per capita income.
Refer to Figure 15-2. If the firm's average total cost curve is ATC2, the firm will
A) suffer a loss.
B) break even.
C) make a profit.
D) face competition.
In the expectations-augmented Phillips curve, ? = ?e - 3(u - 0.05). When ? = 0.03 and ?e = 0.06, the unemployment rate is
A. 0.04. B. 0.05. C. 0.06. D. 0.07.