The break-even price for a perfectly competitive firm is the price that is equal to
A) AVC.
B) ATC.
C) MC.
D) MR
Answer: B
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Buyers and sellers in a flea market often determine the terms of exchange through a process of ________
A) collective bargaining B) bilateral bargaining C) sniping D) arbitration
Which of the following statements about payroll taxes is false?
A. They include Medicare taxes. B. Both employers and employees pay these taxes. C. They provide funds for Social Security. D. They are lump-sum taxes not based on wages/salaries.
Along the long-run Phillips curve, the unemployment rate ________, and the inflation rate ________
A) can be any value; is equal to the natural inflation rate B) is equal to the natural unemployment rate; is equal to the natural inflation rate C) is equal to the natural unemployment rate; can be any value D) can be any value; can be any value E) None of the above answers is correct.
Which of the following circumstances would cause current GDP to overstate economic well-being in comparison to 60 years ago?
A. An increase in the total output per person B. An increase in military expenditures C. An increase in welfare payments D. The trend toward a shorter work week