Refer to the scenario above. A firm producing Good Y will ________
A) earn economic profits if it charges a price of 120
B) incur losses if it charges a price of $200
C) earn zero economic profits if it charges a price of $170
D) shut down production if price falls below $200
C
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Which of the following statements is correct?
a. Buyers determine supply, and sellers determine demand. b. Buyers determine demand, and sellers determine supply. c. Buyers determine both demand and supply. d. Sellers determine both demand and supply.
The possibility of immiserizing growth can arise when
A. the terms of trade of a small country decline due to changes in the rest of the world. B. the import-competing goods are overproduced in a large country. C. there is a decline in the research and development investments in a large country. D. a large country expands the production of its export-oriented goods.
Refer to the table below. If the market price for the firm's product is $80, the firm will:
The following table shows cost data for a firm that is selling in a purely competitive market.
A. Produce 4 units
B. Produce 5 units
C. Produce 6 units
D. Shut down
Government assistance to the poor in the United States
A. has eliminated poverty in the nation. B. is available to all persons whose income is below the poverty income threshold. C. is available in most cases only to the poor who are elderly, disabled, or families with children. D. is always in the form of cash.