A perfectly competitive firm will maximize profits by choosing an output level where
A. Price equals total cost.
B. Price is greater than total cost.
C. Price equals marginal cost.
D. Price is greater than marginal cost.
Answer: C
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Over the past 40 years, which of the following has the U.S. economy experienced?
A) persistent inflation B) persistent deflation C) secular deflation D) hyperinflation with prices rising at over 100 percent per year
Rational slave owners had economic incentive to adequately clothe, feed and care for their slaves
Indicate whether the statement is true or false
From 2001 to 2015, the annual rate of inflation in the United States has averaged less than 1 percent.
Answer the following statement true (T) or false (F)
When the price of Nike soccer balls fell, Ronaldo purchased more Nike soccer balls and fewer Adidas soccer balls. Which of the following best explains Ronaldo's decision to buy more Nike soccer balls?
A. The substitution effect. B. The income effect. C. An increase in the demand for Nike soccer balls. D. The price effect.