If society will gain by producing more X, then it must be the case that currently
A. PX = MCX.
B. either PX > MCX or PX < MCX.
C. PX > MCX.
D. PX < MCX.
Answer: C
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A) average revenue equals average total cost. B) price equals marginal cost. C) average revenue exceeds marginal cost by the greatest amount. D) marginal revenue equals marginal cost.
A monopolist's supply curve is the portion of its marginal cost curve above average variable cost
a. True b. False
When the Fed makes open-market purchases bank
a. withdrawals and lending increase. b. withdrawals increase and lending decreases. c. deposits and lending increase. d. deposits increase and lending decreases.
How does the U.S. Labor Department treat individuals who begin working a part- time job because they cannot find full-time work?
a. as discouraged workers b. as partly employed c. as fully employed d. as unemployed