Economists believe that entrepreneurs, whether they can articulate their behavior or not, always think about ________, which explains their MC = MR profit-maximizing activity
a. minimizing ATC
b. maximizing revenue
c. the consequences of producing the next unit
d. maximizing output
e. doing better than breaking even
C
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The introduction of refrigerators into American homes:
A) decreased the magnitude of the short run own price elasticity of demand for raw meat. B) did not affect the short run own price elasticity of demand for raw meat. C) increased the magnitude of the short run own price elasticity of demand for raw meat. D) decreased the magnitude of the short run own price elasticity of demand for smoked meats.
How did the U.S. government make the American public have confidence in the nation's currency in the 1870s?
(A) The government permitted state-chartered banks to issue currency. (B) The government established the First Bank of the United States. (C) The government backed the currency with cotton. (D) The government adopted the gold standard.
If the marginal revenue product of land is less than its price, a firm should
A. use more land. B. try to increase the productivity of land. C. use less land. D. increase the price it is willing to pay for land.
(The following national income data for an economy are in billions of dollars.)
Refer to the above data. Corporate profits are equal to:
A.
$442 billion
B.
$532 billion
C.
$621 billion
D.
$788 billion