In deciding whether to operate in the short run, the firm must be concerned with the relationship between price of the output and
A) total cost.
B) average variable cost.
C) total fixed cost.
D) the number of buyers.
B
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Which of the following people came close to abolishing scarcity in their regions some years ago?
A) Major Kwame Kilpatrick in Detroit B) President Bill Clinton in the U.S C) Governor Sarah Palin in Alaska D) All of the above. E) None of the above.
Over 90 percent of the U.S. government’s tax revenues come from:
A. two sources. B. one single source. C. three sources. D. None of these is true.
Which of the following is true under monopoly?
a. Price is equal to marginal revenue. b. Price is equal to marginal cost. c. Price is less than marginal revenue. d. Price is less than marginal cost. e. Price is greater than marginal revenue.
A statement describing how the world should be
a. is a normative statement. b. is a positive statement. c. would only be made by an economist speaking as a scientist. d. would only be made by an economist employed by the government.