Consider a perfectly competitive firm with MC = 10 + q. If market demand is Q = 100 - P and the current industry output is 80 units, then the firm will produce
a. zero units.
b. 10 units.
c. 20 units.
d. the answer cannot be determined without knowing what the supply curve is.
b. 10 units.
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Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________, 
A. Rising; B; C B. Falling; A; C C. Falling; A; B D. Rising; A; C
In the (consumption,leisure) space, indifference curves as we have assumed them have the property of presenting the highest levels of satisfaction
A) in the north-east corner. B) in the south-east corner. C) in the north-west corner. D) in the south-west corner.
If Europe and the United States were the only two regions in the world, then U.S. residents might desire to buy euros for all except one of the following reasons. Which is the exception?
a. to invest in Europe b. to buy European goods c. to improve the U.S. balance of payments d. to make loans in Europe e. to buy European stocks
A perfectly competitive firm will earn positive economic profits in the range of output for which the firm’s price is _________ its minimum average total cost.
A) below B) above C) equal to D) below its marginal cost and