Based on the table for total, marginal, and average revenue, if the firm sells at a whole dollar unit price below $3, the marginal revenue is ______.
a. optimal
b. zero
c. negative
d. positive
c. negative
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If a contractionary monetary policy is adopted, ________
A) the real interest rate will fall B) real output will increase C) the price level will fall D) the demand for labor will increase
Money that we have today can be set aside to purchase things in the future. This function of money is known as
A) medium of exchange. B) unit of accounting. C) store of value. D) standard of deferred payment.
The formal study of economics began when Adam Smith (1723–1790) published his famous book The Wealth of Nations in 1776 . In the first chapter of The Wealth of Nations, Smith introduces the idea of the division of labor. Define "division of labor" and illustrate with an example
Some contend that the outcome of any free market is ultimately inequitable because
A. periods of unemployment and inflation still occur. B. public goods will be underprovided by the government. C. some people become rich while others remain very poor. D. firms are not forced to take external costs into account.