The perfectly competitive, profit-maximizing rate of production
A. occurs at the point at which the difference between marginal revenue and marginal cost is maximized.
B. is not measurable for a perfectly competitive firm.
C. occurs at the point at which marginal revenue is equal to marginal cost.
D. ignores the relation of total revenues and total costs.
Answer: C
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We can conclude that there has been inflation since the base year if the GDP price index in the current year is _____
a. 10 b. equal to zero c. 20 d. greater than 100 e. negative
A monopoly is a
a. price taker b. single buyer of an input into production c. firm facing a perfectly elastic demand curve d. group of firms controlling the price and output for an industry e. price setter
If the percentage change in price is 5%, and the percentage change in quantity supplied is 10%, then the supply for the good is
A. inelastic. B. unit elastic. C. perfectly inelastic. D. elastic.
The study of an individual's choice about what type of computer to buy is a subject of
A. microeconomics. B. an aggregate concept. C. macroeconomics. D. not a concern for economic analysis.