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1) Total spending on final goods and services is called: Select one O
1) Total spending on final goods and services is called: Select one O .a. labor productivity O .b. planned aggregate supply O .c. labor income .d. planned aggregate expenditure
2) K2,000 _T 1,600 1,200 O Z`') o. 800 400
MC
ATC
0 90 130 170 210 Quantity (tons per day)
The figure above shows the costs for a grower in the perfectly competitive turnip market. If the price is $1,000 for a ton of turnips, the firm is
Select one: 0 a. making zero economic profit. 0 b. incurring an economic loss. 0 c. More information is needed to determine if the firm is making a positive economic profit, zero economic profit, or incurring an economic loss. 0 d. making an economic profit.
Expert Solution
1) The correct option is D "planned aggregate expenditure". Total spending on final goods and services is called planned aggregate expenditure because it includes all the expenditures.
2) The correct option is B "incurred an economic loss". When the firm in perfect competition selling at $1000 than it results in an economic loss because they are not able to cover there average total cost. In this case firm is facing economic loss in the market place.
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