Which of the following is most important for the achievement of higher income levels and living standards?
A) an increase in total employment
B) restriction of imports that expand employment in the protected industries
C) production of additional goods and services that people value highly relative to the cost of their production
D) increases in government spending that create jobs
C) production of additional goods and services that people value highly relative to the cost of their production
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In the Cournot model of oligopoly, firms produce
a. the competitive quantity. b. the monopoly quantity. c. more than the monopoly quantity, but less than the competitive quantity. d. less than the monopoly quantity.
Each point on a ________ curve shows the willingness of consumers to purchase a product at different prices
A) production possibilities B) marginal cost C) demand D) supply
Sharecropping successfully replaced the slavery system
Indicate whether the statement is true or false
Based on the demand and marginal revenue curves for the monopolist, which formula is correct?
a. marginal revenue > price
b. marginal revenue < price
c. marginal revenue = price
d. marginal revenue – price = average revenue