The short-run break-even price is
A) the price at which a firm's total revenues exceed total costs.
B) the point at which the firm's total costs are maximized.
C) the price at which a firm's total revenues equal its total costs.
D) the point at which the firm's implicit costs are maximized.
Answer: C
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This type of firm would likely operate as a monopoly
A) one of many U.S. wheat farmers. B) one of the few U.S. auto makers. C) AT&T long distance phone service. D) the local water company.
The monopolistic competitive firm in short-run equilibrium may experience economic profits that are
A) always zero. B) greater than, equal to, or less than zero. C) always positive. D) always negative.
Comparing the income effects between salt and housing, the
A. income effect for housing will be greater. B. two income effects will be in the opposite direction. C. income effect for salt will be greater. D. two income effects will be about the same.
Continued economic growth is desirable if it means that the standard of living continues to increase.
Answer the following statement true (T) or false (F)