A profit-maximizing firm employs resources to the point where:
A. MRC = MP.
B. resource price equals product price.
C. MRP = MRC.
D. MP = product price.
Answer: C
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The income paid for the use of land is called
A) rent. B) wages. C) interest. D) land capital. E) profit.
The development of instantaneous electronic communication and transaction markets has increased the potential for market arbitrage
Indicate whether the statement is true or false
Between 1980 and 2008 recycling in the United States has
a. decreased by less than 2%. b. increased by less than 2%. c. doubled. d. tripled.
If a country has a trade surplus of $40 billion, which of the following can be true?
A. The country's exports are $120 billion, and its imports are $140 billion. B. The country's exports are $140 billion, and its imports are $40 billion. C. The country's exports are $110 billion, and its imports are $150 billion. D. The country's exports are $160 billion, and its imports are $120 billion.