The long-run equilibrium for a perfectly competitive firm occurs at the minimum point of the ________
A) total fixed cost curve
B) average fixed cost curve
C) average total cost curve
D) marginal cost curve
C
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The absolute price of a good in dollar terms is the good's:
A. market price B. nominal price C. equilibrium price D. marginal price
The key to present value calculations is that they
A) are appropriate only for funds in the same time period. B) provide a common unit for measuring funds at different times. C) provide accurate answers only in a low-inflation environment. D) provide accurate answers only in a high-inflation environment.
In the diagram below, the profit maximizing firm is 
A. making negative economic profit. B. making zero economic profit. C. making positive economic profit. D. one cannot tell.
Between 1994 and 2000 the poverty rate ____ and the number of people on welfare ______.
A. declined; declined B. rose; rose C. rose; declined D. declined; rose