Per capita GDP, a measure of worker productivity, reflects:
a. the average quantity of goods and services available per person in a nation
b. the dollar value of a nation's output produced by an average worker in one hour.
c. the economic growth rate of a nation adjusted for inflation.
d. the ratio of inputs to the total output of an economy.
a
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Draw a graph of the short-run cost curves for a purely competitive firm that shows a short-run supply curve for the individual firm. Identify the shutdown point, the break-even point, the profit-maximizing point, and the levels of output associated with
those points. What will be an ideal response?
A firm sells a product in a purely competitive market. The marginal cost of the product at the current output of 800 units is $3.50. The minimum possible average variable cost is $3.00. The market price of the product is $4.00. To maximize profits or minimize losses, the firm should:
A. Continue producing 800 units B. Continue production, but produce less than 800 units C. Increase production to more than 800 units D. Shut down