Since the government has been paying out farm subsidies
A. the number of family farms has increased by about 40 percent.
B. the number of family farms has increased by 10%.
C. the number of family farms has decreased by 10%.
D. the number of family farms has decreased by 70 percent.
D. the number of family farms has decreased by 70 percent.
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A firm sells 1000 units per week. It charges $70 per unit, the average variable costs are $25, and the average costs are $65 . In the short run, the firm should
a. Shut-down as the firm is making a loss of $15,000 per week b. Shut-down as price is lower than average cost c. Continue operating as the firm is covering all the variable costs and some of the fixed costs d. Shut-down because it is cost effective to pay off the remaining fixed costs
It is possible to completely eliminate scarcity
a. True b. False Indicate whether the statement is true or false
The rationing function of prices means that
A. businesses determine what goods consumers should purchase. B. buyers and sellers synchronize their decisions through the price system. C. all goods and services are produced by large firms. D. government is responsible for setting the prices of basic foods.
Refer to the information provided in Figure 6.2 below to answer the question(s) that follow.
Figure 6.2Refer to Figure 6.2. Along budget constraint AC, the opportunity cost of one gardenburger is
A. 1/4 of a beer. B. 1 beer. C. 2 beers. D. changing as Mr. Lingle moves down his budget constraint.