The relative concept of poverty means that poverty will never be eliminated.
Answer the following statement true (T) or false (F)
True
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Refer to Figure 13-16. Figure 13-16 depicts a monopolistically competitive barber shop. Use the diagram to answer the following questions
a. Suppose the average variable cost of production is $15 when output equals 110 haircuts and $15.25 when output equals 140 haircuts. If the firm wants to maximize its profit or minimize its losses, how many haircuts will it produce and what price should it charge? Explain your answer. b. Calculate the firm's profit or loss. c. What is likely to happen in this industry over time as it moves to its new long-run equilibrium? d. Suppose the barber shop depicted in the diagram remains in the industry. Is this barber shop likely to produce this same quantity of haircuts as in part (a) in the long run?
Many bars close to campuses have started offering cheaper beer to consumers with a student ID. These bars
a. Assume students have an inelastic demand curve b. Assume students have an elastic demand curve c. Are practicing price discrimination d. Both b and c
If the domestic consumers of a good benefit from free trade, it suggests that the country:
A. is a net exporter of that good. B. is not able to produce that good. C. is a net importer of that good. D. has a comparative advantage in that good.
Expected deflation can reduce Aggregate demand by
A. reducing the willingness to purchase big-ticket items. B. increasing nominal interest rates. C. reducing the purchasing power of money. D. reducing the government's budget deficit.