If you had fixed costs of $100,000 and variable costs of $10,000, in the long run you would stay in business if total revenue were equal to, or greater than
A. $0.
B. $10,000.
C. $100,000.
D. $110,000.
D. $110,000.
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As wages and prices become more sticky ________
A) the short-run Phillips curve gets flatter B) wages become less responsive to unemployment deviations from the natural rate C) it becomes easier to differentiate the short-run from the long-run Phillips curve D) all of the above E) none of the above
_______% of the people on welfare lives below the poverty line.
Fill in the blank(s) with the appropriate word(s).
A natural monopoly exists when:
A. unit costs are minimized by having one firm produce an industry's entire output. B. several formerly competing producers merge to become the only firm in an industry. C. short-run average total cost curves are tangent to long-run average total cost curves. D. minimum efficient scale is attained at a small level of output.
If a product is a necessity and has no substitutes at all, demand for the product is most likely to be:
A. very inelastic. B. inelastic. C. unit elastic. D. elastic.