When price exceeds average variable cost for a firm, it is possible that:
a. it is earning an economic profit.
b. it is breaking even
c. it is suffering an economic loss.
d. any of the above is true.
d
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According to the market demand curve, what would consumers in this market most likely do if the price per pound decreased from $3 to $1?
a. They would decrease their purchases of coffee by about half the amount.
b. They would decrease their purchases of coffee by one third the amount.
c. They would increase their purchases of coffee by more than double the amount.
d. They would increase their purchases of coffee by less than double the amount.
In the above figure, a decrease in the expected profit will result in a movement from point E to
A) point F. B) point G. C) point H. D) point I.
The WTO explicitly stated that in making its sea turtle decision, it was NOT saying that sovereign nations could not adopt effective measures to protect endangered species
Clearly, it said, sovereign nations can and should develop effective measures, including trade measures, to protect endangered species. Indicate whether the statement is true or false
If a country wants to promote future growth, it should
A) produce more capital goods today. B) produce more consumer goods today. C) produce only economic goods. D) produce only needed goods.