On a per unit basis, economic profit can be determined as the difference between:
A. marginal revenue and product price.
B. product price and average total cost.
C. marginal revenue and marginal cost.
D. average fixed cost and product price.
Answer: B
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Because of its extremely low savings rate the U.S. borrows almost $____ billion dollars a day from ___________ to finance our federal budget and trade deficits.
Fill in the blank(s) with the appropriate word(s).
If the expected future price of oil falls, then
A. the equilibrium price and quantity will not change. B. the current equilibrium price will fall, and the current equilibrium quantity will fall. C. the current equilibrium price and quantity will both fall. D. the equilibrium price will fall, but the change in the equilibrium quantity will depend on whether the demand change outweighs the supply change.