The poverty rate is an absolute level of income set by the federal government for each family size. A family with income below this rate is deemed to be in poverty

a. True
b. False
Indicate whether the statement is true or false

False

Economics

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For a true, or pure, monopoly, ______.

a. there is only one seller of the product b. no close substitutes are available c. the firm and the industry are the same d. it must be virtually impossible for other firms to overcome barriers to entry e. all of these

Economics

Why are isoquants negatively sloped?

A) Along a single isoquant, the firm can substitute the use of one input for another while holding the total level of output constant. B) Due to the effects of diseconomies of scale. C) Because the farther the isoquant is from the origin, the higher the level of output. D) Because price and quantity demanded are inversely related.

Economics