The competitive firm's supply curve is equal to
A) its marginal cost curve.
B) the portion of its marginal cost curve that lies above AC.
C) the portion of its marginal cost curve that lies above AVC.
D) the portion of its marginal cost curve that lies above AFC.
C
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An example of a good that is both rival and excludable is
A) the defense services provided by a new stealth bomber. B) a pair of pants. C) a beautiful sunset. D) an uncrowded theme park such as Walt Disney World.
The price of wheat has fallen since 1950. Which of the following explains this price decline?
A) The price elasticity of demand is less than 1 (in absolute value) and wheat is an inferior good. B) The price elasticity of demand is greater than 1 (in absolute value) and the income elasticity of demand for wheat is greater than 1. C) The price elasticity of demand is greater than 1 (in absolute value) and the income elasticity of demand for wheat is low. D) The price elasticity of demand is less than 1 (in absolute value) and the income elasticity of demand for wheat is low.
Which of the following people would be counted among the unemployed?
a. A new college graduate selling newspaper advertisements part time while looking for other work b. A new college graduate selling newspaper advertisements full time while looking for other work c. A new college graduate selling newspaper advertisements part time and not looking for other work d. A new college graduate who gets tired of selling newspaper advertisements and takes off on a motorcycle trip to Alaska e. A new college graduate not qualified for any of the jobs available in his small town
Given that the median male is better paid than the median female, which of the following is a valid explanation for wage differences?
a. compensating differentials b. differences in human capital c. discrimination d. All of the above can be a partial explanation.