Economists generally think that the ____ tax is among the best ways to raise revenue
a. property
b. personal income
c. sales
d. value-added
b
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If a perfectly competitive firm is producing 1,500 units and, at the 1,500th unit, the difference between marginal revenue and marginal cost (MR - MC) is negative, which of the following is true?
A) The firm should increase production to maximize profit. B) The 1,500th unit costs less to produce than the firm earns in revenue. C) The firm is maximizing profit. D) The firm should decrease production to maximize profit.
_________ refers to the body's reaction to a demand
a. Stress b. Stimulus c. Hardship d. Overload
The nominal cost per unit of output rises when production is pushed beyond an economy's potential output
a. True b. False Indicate whether the statement is true or false
The following table shows the relationship between output and the total cost of production for a firm.OutputTotal Cost0$40016002760390041,04051,220This firm has a U-shaped
A. average fixed cost curve. B. total variable cost curve. C. total cost curve. D. marginal cost curve.