The supply curve for a perfectly competitive firm is the portion of its marginal cost curve that lies above its marginal revenue curve
Indicate whether the statement is true or false
FALSE
You might also like to view...
The term "economic growth" refers to increases in
A) resources use. B) productive capacity. C) nominal income. D) satisfaction.
Refer to Figure 4-5. The figure above represents the market for pecans. Assume that this is a competitive market. If the price of pecans is $3
A) economic surplus is maximized. B) the quantity supplied is economically efficient but the quantity demanded is economically inefficient. C) not enough consumers want to buy pecans. D) the quantity supplied is less than the economically efficient quantity.
The business cycle is usually illustrated using movements in
A) the inflation rate. B) labor productivity. C) real GDP. D) the size of the labor force.
Suppose that the U.S. undertakes a policy to increase its saving rate. This policy will likely
a. have no impact on the level of real GDP per person. b. immediately and permanently decrease the level of real GDP per person. c. immediately and permanently increase the level of real GDP person. d. gradually raise the level of real GDP per person.