Profit is maximized at the output at which marginal revenue equals marginal cost
a. True
b. False
Indicate whether the statement is true or false
True
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A computer software program is most strongly an example of
A) real property. B) fiat property. C) intellectual property. D) vicarious property.
Transfer prices
a. are an accounting device to allocate the costs and revenues of intermediate products across divisions b. increase the 'profits' of the profit center producing the intermediate product when they rise c. decrease the 'profits' of the profit center using the intermediate product when they rise d. all of the above
A statement issued by the president's economic advisors stating that growth can continue without price increases indicates that they believe the relevant aggregate supply curve is
a. vertical. b. horizontal. c. downward sloping. d. upward sloping.
Unexpectedly high inflation:
a. Is only a problem for private individuals and not for businesses or the government. b. Tends to redistribute income more than it harms the nation as a whole. c. Makes everyone worse off. d. Reduces business profitability. e. Is only a problem for the government.