The perfectly competitive firm shown in Figure 9-6 is currently producing 80 units of output. To maximize profit (or minimize loss), the firm should
a.
increase output to 180 units
b.
not change its output level
c.
raise its price and hold output constant
d.
raise its price and raise output
e.
increase output to 140 units
e
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As output increases
A) the difference between average total cost and average variable cost decreases. B) marginal cost increases continuously. C) average variable cost becomes smaller and smaller. D) the difference between average total cost and average variable cost becomes greater and greater.
Which of these variables is not a variable in the equation for the asset market equilibrium condition?
A) Saving B) Expected rate of inflation C) Real interest rate D) Real income
Which of the following is an example of an intermediate product?
A. The lumber produced by Boise Cascade and sold to a builder of old houses B. An antique car sold to the highest bidder C. A pair of skis sold by a sporting goods retailer to a skier D. A share of IBM stock
Answer the following statements true (T) or false (F)
1) After the implementation of TANF, the U.S. welfare rolls fell by more than one-half between 1996 and 2007. 2) The U.S. poverty rate for the elderly (65 and over) is higher than for the general population. 3) The U.S. poverty rate was considerably lower in 2011 than in 1960. 4) Labor market discrimination increases the size of the nation's GDP by promoting specialization on the basis of race.