The official poverty income threshold in the United States is
A. based on the cost of a budget that includes food, clothing, and shelter.
B. never adjusted for the effects of inflation.
C. the same for all families independent of the number of people in the family.
D. calculated as three times the cost of a minimally acceptable diet for a family.
D. calculated as three times the cost of a minimally acceptable diet for a family.
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As long as it does not shut down, a profit-maximizing perfectly competitive firm will
A) always earn an economic profit. B) produce so that marginal revenue equals marginal cost. C) produce so that price equals average cost. D) never set its price equal to its marginal revenue.
According to Fishlow's (1972) work, the U.S. railroads before the Civil War were typically built "ahead of demand" by private capital
Indicate whether the statement is true or false
Refer to Figure 8.1. At the profit-maximizing level of output, ATC is
A) $26. B) $30. C) $31. D) $40. E) $44.
Use the above figure. The total cost of producing at the optimal level for the monopolistically competitive firm is
A) $285. B) $255. C) $180. D) $300.