A competitive firm maximizes its profit by producing output up to the point at which price is equal to ______
Fill in the blank(s) with correct word
marginal cost
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A firm's average variable cost is $60, its total fixed cost is $3,000, and its output is 600 units. Its average total cost is
A) less than $58. B) between $58 and $62. C) between $62 and $64. D) more than $64.
What do prices reflect in a market economy?
Most economists agree that
A. active policymaking is unlikely to exert sizable long-run effects on real Gross Domestic Product (GDP). B. passive policymaking is likely to exert sizable long-run effects on real Gross Domestic Product (GDP). C. active policymaking is likely to exert sizable long-run effects on real Gross Domestic Product (GDP). D. none of these
A $70 price tag on a sweater in a department store window is an example of money functioning as a:
A. unit of account. B. standard of deferred payments. C. store of value. D. medium of exchange.