Refer to the accompanying graph. If this firm is a price taker and the price of each unit of output is $9, then at its profit-maximizing level of output, this firm will earn a ________ of ________.
A. loss; $60
B. loss; $300
C. profit; $900
D. profit; $495
Answer: B
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Indicate whether the statement is true or false
With the growth of international trade, U.S. antitrust law has become
a. more vague b. more necessary c. less necessary d. stricter e. more likely to enhance consumer welfare
Banks are required to keep a minimum level of reserves on hand. The intent of this regulation is
a. monetary control rather than bank safety. b. bank safety in case of bank runs. c. maintenance of bank profits. d. limiting the level of bank profits.
The current exchange rate system for most currencies is described most accurately as one of
A. fixed exchange rates. B. freely flexible exchange rates. C. gold standard rates. D. dirty or managed floating.