Answer the next question based on the following demand and cost data for a specific firm.Demand DataCost Data(1) Price(2) Price(3) QuantityTotal OutputTotal Cost$50$3522$4545303355402544703520559030156611525107714520588180If columns 1 and 3 are this firm's demand schedule, the profit-maximizing level of output will be
A. 6 units.
B. 3 units.
C. 4 units.
D. 5 units.
Answer: C
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The sum of currency and reserves of depository institutions is the ________
A) reserves of the Fed B) assets of the Fed C) monetary base D) vault cash
Suppose a company expects prices in general to rise by 5%, but the price of its product rises by 2%. How will the company respond to the price change?
A) It will increase production since it's getting a higher price for the product. B) It will increase production more slowly since it's price is rising more slowly than average. C) It will reduce production since it perceives a relative decline in the demand for its product. D) It will stop production and shut down until prices rise more quickly.
To justify restricting trade, the U.S. broom industry has more reason to use this argument than does the Mexican broom industry
a. retaliation b. cheap foreign labor c. national security d. infant industries e. diversification
Both parties gain in a voluntary exchange
a. True b. False Indicate whether the statement is true or false