If the price of a typical good rises, the quantity demanded for that good will
A. automatically decrease to zero.
B. increase.
C. decrease.
D. remain the same.
Answer: C
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In the short run, a firm that incurs losses might choose to produce rather than shut down if the amount of its revenue is less than its fixed cost
Indicate whether the statement is true or false
Regarding poverty in U.S. society, it is correct to say that: a. Poverty affects a relatively small number of Americans. b. Poverty results from a failure to work hard
c. Most of the poor live in inner cities. d. None of these statements is true.
The intersection of the demand curve and the marginal-cost curve is equivalent to the socially-optimal level of output
a. true b. false
Ways to ration goods include
A. first-come, first-served. B. prices. C. political power. D. All of these.