Using the above figure, the perfectly competitive firm should shut down if the market price is below
A. P1.
B. P2.
C. P3.
D. P4.
Answer: A
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Which of the following statements is true regarding part-time workers?
A) Part-time workers who are part-time for economic reasons are included in the unemployment rate, but part-time workers who are part time for noneconomic reasons are not included in the unemployment rate. B) The percentage of workers who are part time due to non-economic reasons rise significantly during recessions. C) The percentage of workers who are part time due to non-economic reasons is about the same percentage as those who are voluntary reasons. D) Part-time workers are divided those who voluntary choose part-time work and those who work part-time due to economic reasons. E) The percentage of workers who are part time due to economic reasons does not change much over the business cycle.
Refer to Figure 4-1. If the market price is $1.50, what is the consumer surplus on the second burrito?
A) $0.50 B) $1.00 C) $1.50 D) $3.50
The market supply curve of a particular product indicates the total quantities
a. that are actually sold during a given time period b. that buyers are willing to purchase at alternative prices c. that sellers are willing and able to offer at alternative prices d. that sellers are willing to offer for sale e. of complements offered for sale
An increase in price will increase
A. demand. B. supply. C. quantity demanded. D. quantity supplied.