Refer to the scenario above. Which of the following techniques is used to arrive at the optimum decision in the scenario?
A) Optimization in levels
B) Comparative statics
C) Total net benefit approach
D) Principal of Optimization at the Margin
D
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What is the relationship between price, marginal revenue, and marginal cost when a single-price monopoly is maximizing profit?
What will be an ideal response?
When is a balance of payments account out of balance?
a. only when exports are greater than imports b. only when imports are greater than exports c. when exports are either greater or less than imports d. only when exports are greater or less than imports over a sustained period e. never
In the long run, a firm in perfect completion will earn which of the following?
a. Economic loss b. Economic profit c. Zero economic profit d. Either economic loss or profit
What is the effect on society of a falling growth rate in productivity?
A. Resources are used more efficiently. B. The standard of living drops. C. Inflation is prevented. D. Increased labor disputes may occur.