Profits will be maximized when the slope of the total revenue curve and the slope of the total cost curve are equal
a. True
b. False
Indicate whether the statement is true or false
True
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In the circular flow diagram, ________ supply the factors of production, and ________ goods and services
A) firms; sell B) households; buy C) firms; buy D) households; sell
In 1932, Walter Cannon of the Harvard Medical School coined the phrase ________________ to refer to the alerted condition of the body as it prepares for physical battle or escape
a. Terror or fright b. Push or pull c. Punch or race d. Flight or fight syndrome
Pencils sell for 10 cents and pens sell for 50 cents. Suppose Jack, whose preferences satisfy all of the basic assumptions, buys 5 pens and one pencil each semester. With this consumption bundle, his MRS of pencils for pens is 3
Which of the following is true? A) Jack could increase his utility by buying more pens and fewer pencils. B) Jack could increase his utility by buying more pencils and fewer pens. C) Jack could increase his utility by buying more pencils and more pens. D) Jack could increase his utility by buying fewer pencils and fewer pens. E) Jack is at a corner solution and is maximizing his utility.
Import standards on specific countries usually address issues affecting:
A. domestic consumers. B. domestic producers. C. foreign production practices. D. how goods and services flow from one nation to another.