If average revenue equals average total cost,
a. total revenue is maximized
b. average revenue is maximized
c. average total cost is minimized
d. economic profit is maximized
e. economic profit is zero
E
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If an increase in investment spending of $50 million results in a $400 million increase in equilibrium real GDP, then
a. the multiplier is 0.125. b. the multiplier is 3.5. c. the multiplier is 8. d. the multiplier is 50.
Those on Medicare also automatically receive supplemental medical insurance
Indicate whether the statement is true or false
A monopolist's cost curves will
a. be identical to those of a competitive firm. b. be higher than a competitive firm's cost curves. c. be peculiar to the individual producer since there is only one. d. drop more steeply as output increases.
Adverse selection is a situation in which asymmetric information results in low-quality goods or low-quality consumers being squeezed out of transactions because they are unable to demonstrate their quality.
Answer the following statement true (T) or false (F)