The implication of Say's law is that
A) a barter economy is the most efficient economy.
B) increased consumption today leads to increased production tomorrow.
C) overproduction in a market economy is not possible.
D) Gross Domestic Product is the same whether we use the expenditure approach or the income approach.
C
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The firm's profit-maximizing price is
a. P1. b. P2. c. P3. d. P4.
A perfectly competitive firm will have an economic profit of zero if, at its profit-maximizing output, its marginal revenue equals its
A) average total cost. B) marginal cost. C) average variable cost. D) average fixed cost.
The social interest theory of regulation predicts that the political process will seek to minimize
A) producer surplus. B) consumer surplus. C) total surplus. D) deadweight loss.
If the inverse demand function for a monopoly's product is p = 100 - 2Q, then the firm's marginal revenue function is
A) -2. B) 100 - 4Q. C) 200 - 4Q. D) 200 - 2Q.