If marginal cost exceeds marginal revenue,
a. the firm can increase profits by increasing output
b. the firm will lower profits by increasing output
c. the firm is maximizing profits
d. total cost exceeds total revenue
e. average cost equals average revenue
B
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The savings rate ________ over the long run but ________ over the short run
A) is constant as Keynes assumed; varies as Friedman assumed B) is constant as Friedman assumed; varies as Keynes assumed C) is constant as Friedman assumed; varies as Friedman assumed D) varies as Keynes assumed; varies as Keynes assumed
A tax on an imported product is called a
A) tariff. B) quota. C) dumping signal. D) all of these choices.
The three main crops of the nation from the end of the Civil War to the turn of the century (1900) were (1) ______, (2) __________; and (3) _________.
Fill in the blank(s) with the appropriate word(s).
In a perfectly competitive industry, the firm's marginal revenue curve is
A. vertical. B. downward sloping. C. horizontal. D. upward sloping.