The short-run break-even price is
A) the price at which a firm's total revenues exceed total costs.
B) the point at which the firm's total costs are maximized.
C) the price at which a firm's total revenues equal its total costs.
D) the point at which the firm's implicit costs are maximized.
C
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When tax revenues minus outlays is i. positive, the government has a budget surplus. ii. negative, the government has a budget deficit. iii. zero, the government has a balanced budget
A) i, ii, and iii B) i and ii only C) ii and iii only D) i only E) iii only
Rivalry among firms would tend to be high if
a. There is a small number of firms in the market b. There is a large number of firms in the market c. There is only one firm in the market d. None of the above
Fixed exchange rates require governments to have
a. control over the cuntry's exports b. anti-arbitrage investigators c. large quantities of gold d. trade surpluses e. foreign exchange reserves
The basic disadvantage of a proprietorship is unlimited liability
a. True b. False Indicate whether the statement is true or false