A firm is currently producing at a level where its MC = 10 and its MR = 5. We can conclude that this firm is
a. profit maximizing.
b. under-producing.
c. over-producing.
d. no definite conclusion can be made about the firm's level of production.
c. over-producing.
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Use the following graph of total revenues to answer the question below. 
If the quantity of product X demanded decreases from 16,000 to 10,000 units, then it suggests that the price of X was
A. reduced and the demand is elastic. B. increased and the demand is elastic. C. increased and the demand is inelastic. D. reduced and the demand is inelastic.
How did economist Irving Fisher explain interest to a masseur?
What will be an ideal response?
Suppose aggregate demand in the economy sharply declines. Mainstream economists say that the price level (at least for a time) will _______ and real output will _________
A. decrease; remain constant B. increase; remain constant C. remain constant; decrease D. remain constant; increase
In which of the given market situations will the largest portion of an excise tax of a specified amount per unit of output be borne by buyers?
A. 4.
B. 3.
C. 1.
D. 2.