Alice, Bud, and Celia can produce rubber bands in a perfectly competitive market. If they enter the market, the minimum average total cost for a bundle of rubber bands, for the three of them is $2, $3, and $4, respectively
If the market price is $2.10 per bundle, then
A) all three of them will enter the market.
B) only Alice will enter the market.
C) Alice and Bud will enter the market.
D) Bud and Celia will enter the market.
E) Alice and Celia will enter the market.
B
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By 1900, what did the National Banking System under the Bank Act of 1863 (and subsequent amendments) help national banks attain?
(a) A majority of banking establishments (b) A majority of banking assets (c) A monopoly issue of paper money (d) All of the above
Which of the following is an incorrect statement?
a. Macroeconomic equilibrium occurs at the intersection of the aggregate demand and aggregate supply curves. b. The aggregate supply curve indicates a positive relationship between the price level and GDP. c. Other things equal, a downward shift of the aggregate demand curve implies that the economy is entering a contractionary phase. d. Aggregate demand and aggregate supply determine the equilibrium price and quantity of any given good. e. The aggregate demand curve indicates a negative relationship between the price level and GDP.