A competitive firm is producing 1,000 units of output with average total cost equal to $35 and marginal cost equal to $40 . Can the market in which this firm operates be in a long-run equilibrium? Briefly explain
No, the market cannot be in a long-run equilibrium because average total cost and marginal cost must equal one another in such an equilibrium.
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The maximum amount a person is willing to pay today to receive a payment in the future is known as
A) nominal interest. B) present value. C) retained earnings. D) real interest.
A "long-run exploitable Phillips curve" refers to a Phillips curve that in the long run is ________ rather than ________
A) downward sloping; vertical B) vertical; horizontal C) horizontal; upward sloping D) upward sloping; vertical
Anne is an accountant who lost her job in the last recession and has given up looking for work after an unsuccessful job search. Which of the following is true in this case? a. She is a discouraged worker
b. She is underemployed. c. This is an example of cyclical unemployment. d. This is an example of seasonal unemployment. e. She is overemployed.
An example of an intermediate good would be:
A. the rice used to make Chex cereal. B. a bag of Uncle Ben's rice sold to consumers. C. a bag of Quaker's rice cakes sold to consumers. D. All of these are intermediate goods