Assume a firm is currently producing 800 units of output, P = $10, MC = $10, ATC = $8, and AVC = $6. In this case, the firm is maximizing its profit, which equals $1,600
Indicate whether the statement is true or false
TRUE
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The graph shows the market for ski chalets in Aspen. If a rent ceiling is set at $1,900 a week, then the maximum amount charged in the black market is ________ a week
A) $1,900 B) $2,050 C) $2,125 D) $225 E) $150
Based on the table, what is Barry's marginal benefit from the 40th slice of pizza?
A) $3 B) $5.50 C) $0.50 D) $12
Structural unemployment results from a lack of education and training
a. True b. False Indicate whether the statement is true or false
In a command economy, the three economic questions are answered by which of the following?
a. The production and consumption choices made by sellers and buyers in decentralized markets. b. A cartel of major transnational corporations, government agencies, and consumer advocates. c. A trilateral commission of major corporations, elected officials, and economists d. A central authority such as a peoples' committee or a dictator.