When a budget is not approved in time, _____
a. agencies operate on the basis of continuing resolutions
b. agencies operate on the basis of a budget resolution developed by budget committees
c. agencies tend to shuts down
d. the President can force Congress to act
e. agencies borrow from the Federal Reserve
a
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Assume that price is greater than average variable cost. If a perfectly competitive seller is producing at an output where price is $11 and the marginal cost is $14.54, then to maximize profits the firm should
A) continue producing at the current output. B) produce a smaller level of output. C) produce a larger level of output. D) There is not enough information given to answer the question.
The phrase "price-taker" means
A) that market price is independent of the output of a single firm. B) each firm faces a perfectly elastic demand curve. C) that price and marginal revenue are the same. D) all of these choices.