If a firm has a market price of 3, a profit maximizing output level of 70, and an ATC of $2, what would be the total economic profit?
a. $33
b. $70
c. $134
d. $350
b. $70
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Relative to a perfectly competitive market for an exhaustible resource, the monopolist charges a ________ price and uses the resource more ________
A) lower, slowly B) lower, quickly C) higher, slowly D) higher, quickly
If the Fed reduces the money supply, banks will often initially have
a. more reserves than they are required to hold b. excess reserves c. increased demand deposits d. fewer loans than normal e. deficient reserves
Why do the British supply pounds to the dollar-pound market?
a. To buy goods and services from American firms. b. To buy American assets. c. To buy stock in American firms on the London stock exchange. d. Both (a) and (b) are correct. e. None of the above.
A CPI miscalculation that overstates its increase by 0.8 percentage points will cause
A. the price of goods to rise. B. the poverty line to rise too slowly. C. the poverty line to rise too quickly. D. the price of services to rise.