Once the profit-maximizing output where MR = MC is determined, price is set by
a. adding a standard markup percentage to marginal cost.
b. the demand curve.
c. making it equal to MR = MC.
d. subtracting the marginal cost from total revenue.
b
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The larger the public's currency drain from the banking system, the
A) smaller is the monetary base. B) smaller is the money multiplier. C) larger is the monetary base. D) larger is the money multiplier.
How do we calculate the effects of real GDP on consumption expenditure and imports by using the marginal propensity to consume and the marginal propensity to import?
What will be an ideal response?
According to the above table, the marginal factor cost of the seventh worker is
A) $24.00. B) $126.00. C) $42.00. D) $168.00.
In an oligopoly, producers' agreements to restrict output tend to be unstable because each firm has an incentive to
A. raise its price above the cooperative price. B. establish competitive price and output levels. C. produce more than its output quota. D. lower both its price and its output.