Under what conditions would a perfectly competitive cotton farmer who is incurring an economic loss temporarily stay in business?
A) if the total revenue exceeds the total fixed cost
B) if the total revenue exceeds the total variable cost
C) if the total revenue is positive
D) if the total revenue is increasing
E) if the marginal revenue exceeds the price.
B
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Strong evidence of convergence exists for ________
A) wealthy nations that belong to the Organization for Economic Cooperation and Development B) both rich and poor nations C) sub-Saharan African economies and the economies of North America D) European and Caribbean economies
Because resources are scarce relative to wants, the study of economics concerns
A) how money is important to people. B) how individuals, businesses, and governments make choices. C) how money is used to buy what people want. D) None of the above are correct.