The cost borne by a producer in the production of a good or service is called
A) private cost.
B) public cost.
C) social cost.
D) internal cost.
Answer: A
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Assume that the market for soybeans is perfectly competitive. Currently, firms growing soybeans are experiencing economic profits. In the long run, we can expect
A. new firms to enter, causing the market price of soybeans to increase. B. some firms to exit, causing the market price of soybeans to increase. C. some firms to exit, causing the market price of soybeans to decrease. D. new firms to enter, causing the market price of soybeans to decrease.
Price discrimination by sellers is usually observed only in situations where
A) low-price customers can easily resell to high-price customers. B) prices are set by competing monopolies. C) sellers are bigots. D) sellers can effectively identify customers by their demand for the product.
An indifference curve represents the collection of goods and services that an individual has no desire to consume
Indicate whether the statement is true or false
Most of the countries in the world suffered long and deep losses of output and employment between 1930 and 1935, which in turn meant fewer purchases of U.S. goods and services. Which of the following indicates the appropriate change in the U.S. economy?
A. Aggregate demand shifted to the left B. Aggregate demand shifted to the right C. The economy moved up along the aggregate demand curve D. The economy moved down along the aggregate demand curve