A perfectly competitive firm will always maximize profits by producing where
A. per-unit costs are lowest.
B. total costs and total revenue are equal.
C. P = MC.
D. P = AC.
Answer: C
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What will be an ideal response?
If minimum wage legislation does cause unemployment, then:
A. those who are lucky enough to land jobs benefit. B. those who become unemployed as a result lose. C. firms will not bear the entire burden of the higher cost of employment. D. All of these are true.
The rule of 70 which predicts the time required for the economy of a nation to double, is based on the mechanism of: a. compound interest
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Indicate whether the statement is true or false