If a monopolist's marginal revenue is $15 per unit and its marginal cost is $25, then to maximize profit the firm should decrease output
Indicate whether the statement is true or false
TRUE
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Refer to Figure 9.2. A movement from point c to point a could be caused by a(n)
A) decrease in government spending. B) increase in the price of oil. C) decrease in taxes. D) decrease in short-run aggregate supply.
A very high Gini coefficient implies a very wealthy country
Indicate whether the statement is true or false
Specialization and trade can make everyone better off if a person can obtain goods at prices that are less than that person's opportunity cost
a. True b. False Indicate whether the statement is true or false
Farm outputs' share of U.S. GDP from 1950 to the present:
A. Has stayed roughly constant at about 10% B. Has dropped from about 30% to 10% C. Has stayed roughly constant at about 30% D. Has dropped from about 7% to 1%