In the long run, when price is greater than average total cost, some firms in a competitive market will choose to enter the market
a. True
b. False
Indicate whether the statement is true or false
True
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Detailed studies indicate that, on balance, the Social Security retirement system
a. redistributes a substantial amount of income from the rich to the poor. b. redistributes a substantial amount of income from whites to blacks. c. is particularly advantageous to those with a shorter life expectancy. d. is not particularly advantageous to the poor due to their shorter life expectancy.
Interest payments on the national debt are projected to be about ____% by 2046.
Fill in the blank(s) with the appropriate word(s).
The table below shows the number of labor hours required to produce one umbrella and one bushel of corn in the United Kingdom and the rest of the world. Calculate the opportunity cost of producing an umbrella in the rest of the world. Labor hours to make:In the United KingdomIn the Rest of the World1 umbrella3.002.001 bushel of corn1.000.25
A. Three bushels of corn B. Eight bushels of corn C. 1/3 of a bushel of corn D. 1/8 of a bushel of corn
Use the following formula to answer the indicated question: Welfare benefit = Maximum benefit - 0.7 [Wages - (Work expenses + Child care costs)] Suppose Ramirez works 1,800 hours per year at a wage of $7 per hour, has no child care expenses, and has work expenses of $600. If the state maximum welfare benefit is $13,000 per year, based on the welfare formula given, Ramirez's welfare benefit will be
A. $4,600. B. $1,000. C. Zero because his income has exceeded the limit. D. $400.