If a perfectly competitive firm is producing at an output at which marginal cost exceeds marginal revenue
A) price will be at the profit maximizing level.
B) sales will be at the profit maximizing level.
C) the firm should expand production.
D) the firm should reduce production.
D
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Which of the following is the oldest economic system?
a. command economy b. traditional economy c. market economy d. underground economy
Points inside the production possibilities frontier represent feasible levels of production
a. True b. False Indicate whether the statement is true or false
Samuelson and Solow believed that the Phillips curve
a. implied that low unemployment was associated with low inflation. b. indicated that the aggregate supply and aggregate demand model was incorrect. c. offered policymakers a menu of possible economic outcomes from which to choose. d. All of the above are correct.
The theory of monopolistic competition was developed in two separate models by
A) Adam Smith and David Ricardo. B) John Kenneth Galbraith and John Maynard Keynes. C) Edward Chamberlin and Joan Robinson. D) Roger Leroy Miller and Paul Samuelson.