Using the figure above, which of the following statements are correct?
i. When 3 haircuts are produced, the firm's ATC is $10.
ii. If the firm charges each customer the same price for a haircut, the price of a haircut is $14.
iii. The firm is NOT a perfect competitor.
A) i only
B) ii only
C) i and ii
D) i and iii
E) i, ii, and iii
E
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Which of the following events would most likely be considered a macroeconomic shock?
A) A drought destroys 25% of the strawberry crop in California. B) Mismanagement results in a federal takeover of the largest credit union in the United States. C) OPEC unexpectedly announces a 40% reduction in oil production. D) The Federal Reserve decides to increase the discount rate by 0.25% for the third time in 12 months.
In 2012, the poverty line for a family of four was approximately
a. $10,075 b. $13,100. c. $15,700. d. $23,250.