Below, the graph on the left shows long-run average and marginal cost for a typical firm in a perfectly competitive industry. The graph on the right shows demand and long-run supply for an increasing-cost industry.What output will the firm produce?

A friend says, "I really, really need a new car." As an economist, you're thinking

A) Right! Everyone needs a new car. B) This is an example of how objectively undefinable needs are. Many would argue that this friend could get along just fine with a reliable used car. C) If this friend says she needs a new car, then we must all agree that a new car is a need and not just a want. D) that a new car can only be considered a need if at least 51% of the public agrees.

The part of the balance of payments account that lists all payments related to the buying and selling of assets is called the:

A. financial and capital account. B. current account. C. government financial account. D. balance of trade.