Most American firms are corporations.
Answer the following statement true (T) or false (F)
False
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If a firm in a perfectly competitive market is producing at a level of output where marginal costs exceed marginal revenue, its profits:
A. must be negative. B. will increase if it produces less. C. are maximized. D. cannot be determined.
Starting from potential output, if firms become more optimistic about the future and decide to increase their investment in new capital, then this will generate a(n) ________ gap and inflation will ________.
A. expansionary; increase B. expansionary; decrease C. recessionary; decrease D. recessionary; increase
Refer to the information provided in Figure 10.4 below to answer the question(s) that follow. 
Figure 10.4 Refer to Figure 10.4. Firms will
A. hire 175 units of labor at a market wage of $15. B. hire 100 workers at a wage of $25. C. hire 100 units of labor at a market wage of $15 and have a surplus of $5 per unit of labor. D. indeterminate from the given information
Resources are being used efficiently when:
A) they are also used equitably. B) there are still gains from trade available. C) scarcity is no longer an issue. D) every opportunity to make people better off has been utilized.