Firms maximize profit when
A) the additional benefit from producing a good equals the additional cost of producing that good.
B) MR = MC.
C) the derivative of the profit function with respect to output is zero.
D) All of the above.
D
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An economic justification for government providing public goods and services is that many people can benefit regardless of whether they pay or not
a. True b. False Indicate whether the statement is true or false
Full employment is the situation in which the economy operates at an unemployment rate equal to the sum of:
A. structural and frictional unemployment. B. cyclical and frictional unemployment. C. structural and cyclical unemployment. D. structural, frictional, and cyclical unemployment.
Scarcity is a situation in which resources are limited in quantity and can be used in different ways.
Indicate whether the statement is true or false.
Given the data, the level of saving at a disposable income of $1, 200 is
What will be an ideal response?