It's logical, it's a rule of thumb, it's an economic guideline: As long as MR > MC, and the firm responds by increasing the quantity it produces,
a. profit will eventually fall to zero
b. profit will increase
c. profit will decrease
d. profit will remain unchanged
e. the firm will minimize loss
B
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___________ said that a person pursuing his own interest, "frequently promotes that of society more effectively than when he really intends to promote it."
Fill in the blank(s) with the appropriate word(s).
Which of the following examples shows a decreasing-cost industry?
a. As coal mining contracts, the price of drills rise. b. As the DVD industry contracts, the price of DVDs drops. c. As commercial farming expands, the price of suitable land rises. d. As the transistor radio industry expands, the price of transistors drops.
Between 1972 and 1999, the majority of loans to HIPC countries went to regimes considered "not free," and between 1985 and 1995, to places that were considered "corrupt" by international organizations
Indicate whether the statement is true or false
National income is the sum of employee compensation, profits, and the following items, except:
A. Rent B. Interest C. Depreciation or consumption of fixed capital D. Taxes on production and imports