When a perfectly competitive firm produces the profit-maximizing output and it is at its shutdown point, the firm's ________
A) marginal revenue equals its average fixed cost
B) total revenue equals its total variable cost
C) marginal cost is less than its average variable cost
D) total revenue is less than its total variable cost
B
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The authors of your text suggest which policy as a way of reducing urban traffic congestion?
A) A federal standard raising the minimum age for a driver's license to 21 years old B) Requiring motorists to pay a toll or fee based on the costs their driving imposes on others C) Increasing gasoline taxes D) Requiring people to drive in car pools
Which of the following contributed most to the large increases in poverty since 1960?
a. increases in air pollution and other externalities b. federal government budget deficits c. the increase in the number of elderly individuals d. rising poverty rates among households headed by females e. the increase in the number of households headed by females
The intended gains from U.S. tariffs and other trade restrictions can backfire if foreign governments retaliate by imposing additional trade restrictions on U.S. goods sold in their countries
a. True b. False Indicate whether the statement is true or false
Actual reserves are equal to required reserves plus excess reserves
Indicate whether the statement is true or false