A perfectly competitive firm is producing zero units of output in the short run. We know that price is
A) below the minimum point of its average fixed cost curve.
B) below the minimum point of its average variable cost curve.
C) below the minimum point of its average total cost curve.
D) between the minimum points of its average total cost curve.
Answer: B
Economics
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The rise in average living standards experienced by most industrialized countries:
A. has been more rapid since 1950 than before 1950. B. has been continuous over the course of human history. C. was more rapid before 1870 than after 1870. D. has resulted primarily from an increase in population worldwide.
Economics
The purchasing power of a dollar will rise
A. if nominal interest rates rise. B. if the price level decreases. C. if the price level increases. D. if real interest rates fall.
Economics