If a firm's marginal profit is negative, it should reduce its output level
a. True
b. False
Indicate whether the statement is true or false
True
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Quick Buck and Pushy Sales produce and sell identical products and face zero marginal and average cost. Below is the market demand curve for their product. 
Suppose Quick Buck and Pushy Sales decide to collude and work together as a monopolist with each firm producing half the quantity demanded by the market at the monopoly price. If Quick Buck cheats by reducing its price to $1 while Pushy Sales continues to comply with the collusive agreement, then Quick Buck's economic profit will be ________.
A. $3,000 B. $6,000 C. $4,000 D. $2,000
Prior to 1840, most businesses were
A) family-owned. B) corporate in structure. C) vertically integrated. D) collections of partnerships.
____________ tax is used to provide funds for Social Security and Medicare.
a. Payroll b. Income c. Sales d. Inheritance
In the above figure, the combination of personal computers and televisions shown by point w
A. is an efficient use of society's resources because it is below the production possibilities curve. B. is attainable but involves the inefficient use of some of society's resources. C. is beyond the capacity of society to produce. D. is more desirable than point x because producing at point w does not put a strain on society's resources.