In terms of total sales, the dominant form of business firm in the U.S. economy is the
a. corporation
b. sole proprietorship
c. partnership
d. nonprofit organization
e. limited partnership corporation
A
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At the profit-maximizing level of production of a monopolist, ________
A) marginal revenue equals marginal cost B) marginal revenue exceeds marginal cost C) marginal revenue is less than marginal cost D) both marginal revenue and marginal cost are negative
Suppose when the price of coffee beans goes from $1 to $1.20 per pound, production increases from 90 million pounds of coffee beans to 110 million pounds per year. Using the mid-point method, the percentage change in quantity supplied is:
A. 20 percent B. 18 percent C. 0.6 D. 6.0
Negative income tax plans have the advantage of increasing work incentives in comparison to existing welfare programs without work incentives
a. True b. False Indicate whether the statement is true or false
If the price index rises from 100 to 120, the purchasing power value of the dollar:
A. may either rise or fall. B. will rise by one-sixth. C. will fall by one-sixth. D. will rise by 20 percent.