If, for the last unit of a good produced by a perfectly competitive firm, MR > MC, then in producing it, the firm
A) added more to total costs than it added to total revenue.
B) added more to total revenue than it added to total cost.
C) is maximizing marginal profit.
D) has minimized its losses.
Answer: B
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List and discuss the four economic functions that depository institutions provide their customers
What will be an ideal response?
This graph demonstrates the domestic demand and supply for a good, as well as a tariff and the world price for that good.
According to the graph shown, the amount of surplus enjoyed by domestic consumers with free trade before the tariff is area:
A. ABCDEFGHIJKL B. ABCDEFG C. ABC D. A
Intel's monopoly in the sale of microchips for personal computers would be considered:
A. Legal by "behaviorists" but illegal by "structuralists" B. Legal by "behaviorists" and "structuralists" C. Illegal by "behaviorists" and "structuralists" D. Illegal by "behaviorists" but legal by "structuralists"
In 1986, the base year, GDP was 4000. In 1989 the GDP deflator was 115. We may conclude that
A.there was some inflation between 1986 and 1989. B. there was some deflation between 1986 and 1989. C. real GDP declined between 1986 and 1989. D. GDP declined between 1986 and 1989.