In long-run equilibrium in perfect competition, every firm is producing at minimum average cost.
Answer the following statement true (T) or false (F)
True
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Suppose that the U.S. Open ticket costs $100 and the British Open ticket costs £50 and the exchange rate is $1.43. How much does the British Open ticket cost for an American attending the British Open?
What will be an ideal response?
Other things equal, an increase in the tax on dividends is likely to result in all of the following EXCEPT:
A) higher expected return on bonds relative to stocks B) increased demand for bonds C) lower interest rates D) higher interest rates
Which of the following is a merit good in the United States?
a. defense b. public libraries c. churches and synagogues d. interstate highways e. personal contributions to a cancer fund
The price system has
A) prices fixed by the government. B) prices fixed by the seller. C) voluntary exchange. D) prices fixed by the producer.