In Figure 5.7, assuming perfect competition, which price is associated with positive economic profit? 
A. MR1
B. MR2
C. MR3
D. MR4
Answer: D
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A subjective analysis of "what should be" in the economy is referred to as
A) positive economics. B) normative economics. C) command economics. D) implicit economics.
The key to reaching a Pareto optimum through mutually beneficial exchange _____
a. is to remove barriers to international trade b. is to establish property rights for valuable resources c. is to provide start-up capital to fledgling entrepreneurs d. is to encourage people to use online auction services
Walmart's "pull-factor" can be beneficial to a community by encouraging
A. suppliers to offer their employees higher wages and more attractive fringe benefits. B. dissatisfied employees to apply for work at other local "Mom and Pop" retailers. C. labor union activists to move permanently into the area. D. other "big box" retailers to locate nearby.
Which of the following is not included in GDP?
A) Unpaid maintenance of your house by your spouse. B) Services such as those provided by lawyers and dentists. C) The estimated rental (imputed) value of owner-occupied housing. D) Production by foreign citizens in the U.S.