If a perfectly competitive firm is producing 3,000 units and, at the 3,000th unit, the difference between marginal revenue and marginal cost (MR - MC) is zero, which of the following is true?
A) The firm should exactly double production to maximize profit.
B) The firm should increase production to maximize profit.
C) The firm should decrease production to maximize profit.
D) The firm is maximizing profit.
D) The firm is maximizing profit.
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Consumers in a country buy only two goods, pens and CDs. The prices and quantities purchased by urban households are in the table above. The reference base year is 2011. If the current year is 2012, the cost of the CPI market basket in 2012 is
A) $3,400. B) $3,508. C) $3,580. D) $3,500. E) $3,588.
Why are property rights important in economic development?
What will be an ideal response?
One nation can gain from an exchange only at the expense of another
a. True b. False Indicate whether the statement is true or false
The first automobile manufacturer to use a division of labor and to use a moving assembly line was
A. Henry Ford. B. Henry Leland. C. Henry Olds. D. Andrew Carnegie.