The best that this firm in the graph above can do is
A. maximize profits.
B. break-even.
C. minimize losses.
D. make a small profit.
B. break-even.
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What is the difference between economic efficiency and equity?
What will be an ideal response?
Figure 7.5
The consumer must decide how to split $20 between spending and saving.Refer to Figure 7.5. If the consumer is subject to present bias, he/she will maximize utility at a marginal utility per dollar of ________ utils for consumption and ________ utils for saving.
A. 15; 15 B. 15; 30 C. 30; 15 D. 30; 30
Refer to the diagram. Assume both upward and downward price and wage flexibility in the economy. In the extended AD-AS model:
A. demand-pull inflation would involve a rightward shift of curve A, followed by a rightward
shift of curve C.
B. cost-push inflation would involve a leftward shift of curve C, followed by an upward shift of
curve B.
C. recession would involve a leftward shift of curve A.
D. a rightward shift of curve D would be equivalent to an outward shift of the nation's production possibilities curve.
A doubling of the current minimum legal wage is likely to confer the most benefit and impose the least harm on members of which group listed below?
A) Employers who own small businesses B) Highly skilled workers C) Shareholders of large corporations D) Teenagers E) Unskilled workers