When operating at the profit-maximizing/loss-minimizing level of output, total revenue minus total cost equals
A. $350.
B. $240.
C. $225.
D. -$240.
D. -$240.
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Refer to the scenario above. What is the national income of the economy?
A) $7,000 B) $10,000 C) $2,000 D) $5,000
The Glass-Steagall Act of 1933 separated commercial banks from most of their securities business
Indicate whether the statement is true or false
Which of the following is an example of a regulatory action?
a. Drivers who exceed the speed limit will pay a fine if caught. b. Automobile manufacturers are required to include built-in infant seats. c. Two firms receive $100,000 fines for engaging in a price-fixing agreement. d. A junk mail solicitor is taken to jail for mail fraud. e. The tobacco industry is required to pay for the hospital bills of a lifelong smoker who develops cancer.
Picture in your mind's eye the graph of a profit-maximizing monopolist. If its cost curves—both ATC and MC—shift upward while its demand curve remains unchanged, the monopolist will
a. decrease price and increase output b. decrease both price and output c. increase price and decrease output d. increase both price and output e. keep both price and output at the same level