A competitive firm is maximizing its profit by selling 150 units of output. The firm's marginal cost is $8 and its average total cost is $6 . The firm's profit amounts to __________
Fill in the blank(s) with correct word
$300
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The federal government agency that is responsible for determining the inflation rate and the unemployment rate is the Federal Reserve
Indicate whether the statement is true or false
Based on the multiplier effect, what does each successive round of purchasing do?
a. decrease aggregate demand and supplier income b. increase aggregate demand and supplier income c. decrease aggregate demand, and increase supplier income d. increase aggregate demand, and decrease supplier income
Who owns the Federal Reserve System?
(A) All commercial banks in the country (B) The federal government (C) Member banks (D) All banks in the country
If an industry has exactly 20 firms with identical sales, the Herfindahl index must be:
A. greater than 200 but less than 400. B. greater than 400. C. less than 100. D. greater than 100 but less than 200.