The percentage of families with incomes below the poverty line
a. is defined as the 10 percent of U.S.households with the lowest incomes.
b. is known as the poverty rate.
c. is known as the unemployment rate.
d. rises as the general income level rises.
b
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For a perfectly competitive rancher in Wyoming, if the price does not change, an economic profit could turn into an economic loss if the
A) average total cost curve shifts downward. B) average total cost curve does not change. C) average total cost curve shifts upward. D) marginal cost curve shifts downward. E) average fixed cost decreases.
The above figure shows the costs at Barney's Bagel Bakery. After 3000 bagels are produced each day, the ATC curve starts to slope upward because the
A) MC curve slopes upward. B) MC exceeds the ATC. C) AFC curve (not shown) starts to slope upward. D) None of the above answers is correct.