Consider a firm that operates in a perfectly competitive market. The firm is producing at its profit maximizing output level. If this is true, then
a. average revenue is maximized
b. the firm must be earning a positive economic profit.
c. marginal revenue is greater than the market price.
d. price must be equal to marginal cost.
d
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The cross price elasticity of demand for a good is the percentage change in the quantity demanded in response to a given percentage change in
A) income. B) the price of that good. C) the price of another good. D) the quantity demanded of another good.
Which of the following are examples of nonrenewable resources?
a. forests and aquifers b. fisheries c. oil and minerals d. toxic chemicals
The major U.S. social insurance program is:
a. Medicare. b. Unemployment insurance. c. Social Security. d. Supplemental Security income.
The Bretton Woods system was the major system of exchange rate determination
A. between World War I and World War II. B. after 1971. C. before 1914. D. from the end of World War II until 1971.