A monopolist who is maximizing profits produces to the point at which
A) marginal cost and average total cost are equal.
B) price, marginal cost and average variable cost are equal.
C) price is greater than marginal cost.
D) price is greater than average total cost.
C
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What's the most efficient way to get from New York to L.A.?
A) By plane B) By train C) By automobile D) By foot E) Any of the above might be, depending on one's circumstances.
The United States had the largest real GDP per person until the 2012 when the China's real GDP per person overtook and then exceeded that in the United States
Indicate whether the statement is true or false
Perfectly competitive firms are earning economic profits at a market price of $5 and an average total cost of $4. If new firms enter and do not affect the cost for all firms, the market price will ________ until it reaches ________.
A) increase; $4 B) fall; $4 C) increase; $5 D) fall; $5
Just as resources are scarce for the individual,
a. they are also scarce for the economy as a whole b. they are never scarce for the economy as a whole c. they are randomly abundant for other individuals d. there will be zero resources available for the economy as a whole e. the economy a whole is never faced with having to make rational choices about using resources