Refer to the table below. If the market price for the firm's product is $180, the competitive firm will produce:
The following table shows cost data for a firm that is selling in a purely competitive market.
A. 5 units and earn economic profits of $100
B. 6 units and earn economic profits of $120
C. 7 units and earn economic profits of $238
D. 8 units and earn economic profits of $278
C. 7 units and earn economic profits of $238
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Included on the board of directors of Microsoft are John W. Stanton, the chairman of Trilogy Equity Partners, the president of Harvey Mudd college Maria M. Klawe, and the former vice chairman of Bank of America Charles H. Noski
These three board members do not have a direct management role with Microsoft and are therefore referred to as A) competitive directors. B) outside directors. C) inside directors. D) honorary directors.
Change in "total factor productivity" may be explained by
A) the relative rates of growth of crime and pollution control measures. B) changes in the quality and composition of the labor force. C) changes in the scale of production. D) All of the above.
Which of the following rise during a recession?
a) losses but not unemployment b) unemployment but not losses c) neither losses nor unemployment d) both losses and unemployment
Explain why an economist would focus on real GDP rather than nominal GDP?