Refer to the table below. If Fresh Laundry is currently producing 10 quality units, to maximize profit, Fresh Laundry should ________ the number of quality units as the current quality marginal revenue is ________ its marginal cost.
Fresh Laundry is a firm that produces laundry detergent. The table above summarizes Fresh Laundry's product quality marginal revenue and marginal cost at various quality levels.
A) decrease; equal to
B) decrease; less than
C) maintain; less than
D) maintain; equal to
B) decrease; less than
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Which of the following would be a macroeconomic question?
A) How has the price of gold increased over time? B) How has the number of commercial airline flights decreased over time? C) How have the retirement benefits in the auto industry changed over time? D) How has inflation increased over time?
In the above figure, the profit-maximizing output for this single-price monopoly is ________ units and the price is ________
A) 200; $10 B) 300; $20 C) 500; $50 D) 200; $30 E) 300; $30
The perpetual problem in economics is:
A. our inability to work together effectively. B. our inability to satisfy everyone's wants with the available resources. C. likely to be solved in resource-rich countries. D. our inability to utilize resources efficiently.
Why might a group of countries wish to have a common currency? Explain four reasons
What will be an ideal response?