The purchase of French wine by U.S. consumers will be accounted as:
a. a deficit in the services account.
b. a credit in the merchandise account.
c. a debit in the services account.
d. a surplus in the services account.
e. a debit in the merchandise account.
e
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The long-run supply curve of a firm is:
A) its marginal cost curve. B) its average total cost curve. C) the portion of its marginal cost curve that lies above its average total cost curve. D) the portion of its marginal cost curve that lies below its average total cost curve.
As John's income has increased, he has purchased fewer hamburgers. Hamburgers are
A) a normal good for John. B) an inferior good for John. C) not following the law of demand. D) leading to a rightward shift in John's demand curve for hamburgers.
How do we determine whether a firm has maximized profits?
What will be an ideal response?
Refer to the above table. Suppose the firm hires 5 workers and the price of the good sold is $3. The marginal factor cost of labor must be
A. $900. B. $3. C. $100. D. $300.