As a perfectly competitive firm's output increases, its total revenue ________ and its total cost ________
A) increases; increases
B) increases; decreases
C) decreases; increases
D) decreases; decreases
E) does not change; increases
A
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If production of a good produces an external benefit, in order for the marginal social cost to equal the marginal social benefit
A) the good should be taxed. B) permits should be required to purchase the good. C) the good could be subsidized. D) the government needs to take no action.
Keynesian economics focuses on the role of aggregate spending in determining the level of real GDP
a. True b. False Indicate whether the statement is true or false
Most agricultuel markets:
a. have a large number of relatively small producers b. have seen improving productivity and cost efficeincy c. both of the above d. neither of the above
Pure capitalism does not focus on private ownership of resources
Indicate whether the statement is true or false