During the era from 1880 to 1920, the U.S. economy experienced a rise in big business, an expansion in industry and increased concentration in both
Indicate whether the statement is true or false
True
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Assume that a firm's marginal revenue curve intersects the rising portion of the marginal cost curve at 100 units of output. At this output level, a profit-maximizing firm's total cost is $1,000 . If the price of the product is $10 per unit, the firm will earn an economic profit of:
a. zero. b. $400. c. more than zero but less than $100. d. $100. e. more than $100.
Preston goes to the movies every Sunday afternoon. The movie theater offers 4 combinations of popcorn and beverages: the "mini-combo" costs $5 and includes a small popcorn and a small drink, the "medium-combo" costs $7 and includes a medium popcorn and a medium drink, the "value-combo" also costs $7 and includes a small popcorn and a large drink, and the "large-combo" costs $9 and includes a
large popcorn and a large drink. Preston always purchases the "value-combo.". We can conclude that a. Preston cannot afford the "large-combo.". b. Preston cannot afford the "medium-combo.". c. Preston prefers a combo with a larger popcorn-to-beverage ratio. d. Preston prefers a combo with a smaller popcorn-to-beverage ratio.
The incentives built into nearly all welfare programs
A. encourage work. B. encourage family planning. C. encourage savings. D. discourage marriage.
Which of the following is NOT a factor that determines the price elasticity of demand?
A) the amount that suppliers have made available B) the percentage of a consumer's total budget spent on the good C) the existence of substitutes D) the length of time allowed for adjustments to change in the price of the commodities