Output in the short run is determined by which of the following factors when an economy operates at full employment?
A. the price level
B. supply
C. the labor force
D. demand
Answer: D
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Behavioral economists think that the less obvious a person's opportunity cost is:
A. the harder it is to value accurately. B. the more likely they will undervalue it. C. the less likely they are to correctly value it. D. All of these are true.
The marginal cost curve crosses
a. both the average total cost and average variable cost curves at their respective minimum points b. the average total cost curve at its minimum point, and the average variable cost curve at its maximum point c. the average total cost curve and the average variable cost curves at the same output level d. both the average total cost and average variable cost curves at their respective maximum points e. the average total cost curve at its maximum point, and the average variable cost curve at its minimum point
A discovery that increases wheat yields per acre hurts farmers by increasing supply and lowering their total revenues
a. True b. False Indicate whether the statement is true or false
The price elasticity of demand for a good or service is determined primarily by the