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To help viewers understand the forces that affect prices, the way prices act as signals to consumers and producers, the cost of interfering with free-market prices, and the circumstances that justify interference with the free market.
Economist known as the leading proponent of 20th-century political liberalism, and a prolific author who produced four dozen books and more than a thousand articles, including the popular trilogy American Capitalism, The Affluent Society, and The New Industrial State.See full bio
If a firm has no fixed costs, we can safely conclude that...
average variable cost equals average total cost.NEXT QUESTION
A market characterized by many firms, low barriers to entry, standardized products, and no power over market price is characteristic of...
perfect competition.NEXT QUESTION
A perfectly competitive firm will generally do which of the following?
Continue producing as long as it can cover variable costs.NEXT QUESTION
Under perfect competition, an individual firm’s supply curve is exactly the same as...
the firm’s marginal cost curve for prices above the minimum value of average variable cost.NEXT QUESTION
Which of the following BEST describes the overall impact of Franklin Roosevelt’s farm support programs?
The price support programs helped farmers in the short run by raising prices and income levels. But nothing could bring demand up to meet supply, so eventually surpluses resulted — aggravated, in fact, by the very price increases that had been intended to help the farmer.NEXT QUESTION
When price ceilings on beef were imposed under the Nixon administration, cattlemen responded generally by...
creating a deliberate market shortage.RESTART QUIZ