The individual firm maximizes its total profit by producing the level of output at which the difference between marginal revenue and marginal cost is as large as possible
Indicate whether the statement is true or false
FALSE
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A decrease in the money wage rate increases ________ and an increase in the full-employment quantity of labor increases ________
A) the SAS and the LAS; only the SAS B) the SAS and the LAS; only the LAS C) only the SAS; the SAS and the LAS D) only the LAS; the SAS and the LAS
In the figure above, Gap maximizes its profit if it sells ________ jackets per day
A) 100 B) 64 C) 129 D) 133
In the United States, individuals are forced to make choices
a. because time is scarce, though spending power is not b. because spending power is scarce, though time is not c. though neither time nor spending power are scarce d. because both time and spending power are scarce e. because living standards are low
According to the majoritarian vision of democracy, what role should citizens who hold minority preferences play in determining policy?
A. They should serve as a check on the power of the majority. B. Their opinions should be a part of a consensus that determines policy. C. Citizens with minority preferences should have no role in the policymaking process. D. They should be as fully involved in the process as those who hold majority preferences.