A profit-maximizing firm that is operating in the short run will sell an additional unit of output as long as:
a. as doing so reduces the firm's per-unit costs
b. doing so reduces the firm's marginal costs.
c. doing so adds more to revenue than it adds to cost.
d. there is additional plant capacity with which to produce.
c
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A measure of the average price of a given class of goods or services relative to the price of the same goods and services in a base year is called a:
A. real quantity. B. rate of inflation. C. price index. D. real price.
As the price elasticity of demand for a particular good decreases, the corresponding Lerner Index, and hence the amount of market power attributed to the firm that produces the product in question, decreases as well
Indicate whether the statement is true or false
Compared to those with less economic freedom, countries with more economic freedom generally have ____ per capita GDP levels and ____ growth rates.
What will be an ideal response?
Logrolling is when a politician ______.
a. votes for an issue in exchange for someone else’s vote on another issue b. misleadingly portrays opponent as more radical than they actually are c. puts aside the public good under pressure from special interest groups d. claims to support an issue but votes against it