The figure above shows the demand and cost conditions for a firm with two plants. In order to maximize profit, how many units of output should the firm produce?
A. 10
B. 20
C. 30
D. 40
E. 50
Answer: C
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A surplus occurs when price is higher than the market equilibrium.
Answer the following statement true (T) or false (F)
Along an IS curve as interest rates __________, income must be __________ so that saving, which is a positive function of income, can be lower to equal the smaller level of investment
A) decline; lower B) decline; higher C) increase; lower D) increase; higher
If the marginal propensity to consume were two-thirds, the multiplier would be
a. 1 1/2. b. 1/3. c. 1 2/3. d. 3.
A bond is
A) a debt instrument, that is, the issuer has taken out a loan. B) an equity instrument, that is, the buyer has purchased ownership in the issuer's firm. C) the same thing as a stock. D) a short-term loan from the government.