If economic development in a society causes a steadily rising percentage of the population to enter the labor force, measured gross domestic product will probably rise
What will be an ideal response?
more rapidly than the actual production of useful goods is rising in the society.
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If a perfectly competitive firm is producing 2,500 units and, at the 2,500th unit, the difference between marginal revenue and marginal cost (MR - MC) is positive, which of the following is true?
A) The firm is maximizing profit. B) The firm should increase production to maximize profit. C) The firm should decrease production to maximize profit. D) The 2,500th unit costs more to produce than the firm earns in revenue.
A market in which a single firm can produce, at a lower cost than multiple firms, the entire quantity of output demanded is called:
A. price gouging. B. diseconomies of scale. C. government intervention. D. a natural monopoly.
Which of the following is not an explicit cost?
a. Salaries. b. Sales taxes. c. Utilities, such as gas and electricity. d. Insurance. e. The firm owner's time.
All else equal, when people become more optimistic about a company's future, the
a. supply of the stock and the price will both rise. b. supply of the stock and the price will both fall. c. demand for the stock and the price will both rise. d. demand for the stock and the price will both fall.