In long-run equilibrium under conditions of pure competition and productive efficiency, all firms produce at minimum:
A. average variable cost.
B. marginal cost.
C. total cost.
D. average total cost.
Answer: D
Economics
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Suppose a government that taxed all interest income changed its tax law so that the first $5,000 of a taxpayer's interest income was tax free. This would shift the
a. supply of loanable funds to the right, causing interest rates to fall. b. supply of loanable funds to the left, causing interest rates to rise. c. demand for loanable funds to the right, causing interest rates to rise. d. demand for loanable funds to the left, causing interest rates to fall.
Economics
The amount of output produced by an average worker in ________ is labor productivity.
A. one hour B. one week C. one year D. one day
Economics