The vertical distance between the horizontal axis and any point on a perfect competitor's demand curve measures
A) total cost.
B) total revenues.
C) product price, marginal revenue, and average revenue.
D) supply curve for the product.
Answer: C
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What was/were the most enduring legacy/legacies of the 1960s according to Hughes and Cain (2011)?
(a) Medicare and the War on Poverty (b) The violent antiwar movement (c) The environmental, consumer and women's movements (d) The black power movement
Sam wants to trade eggs for sausage. Sally wants to trade sausage for eggs. Sam and Sally have a double-coincidence of wants
a. True b. False Indicate whether the statement is true or false
A. not applicable to economics because economics deals with human beings. B. also known as the economic perspective. C. analysis that moves from broad generalizations called laws to theories and then to hypotheses. D. used by economists and other
social scientists, as well as by physical scientists and life scientists, to formulate and test hypotheses. A. not applicable to economics because economics deals with human beings. B. also known as the economic perspective. C. analysis that moves from broad generalizations called laws to theories and then to hypotheses. D. used by economists and other social scientists, as well as by physical scientists and life scientists, to formulate and test hypotheses.
A characteristic of long-run equilibrium is the economy is producing its potential output. This is:
A. defined as using 80 percent of the economy's resources at any time. B. the level of output consistent with an unemployment rate of 7.5%. C. the level of output the economy produces when its resources are used at normal rates. D. the maximum level of output the economy could produce at any time.