Total profit is maximized where
A. MR = MC.
B. marginal profit is zero.
C. the slope of the marginal profit curve is zero.
D. All of the responses are correct.
Answer: D
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Jamal buys a new jacket for $50 . If his willingness to pay is ____, he receives consumer surplus of $15 on his purchase
a. $15. b. $35. c. $50. d. $65.
A firm that is a natural monopoly
a. is not likely to be concerned about new entrants eroding its monopoly power. b. is taking advantage of diseconomies of scale. c. would experience a lower average total cost if more firms entered the market. d. All of the above are correct.
Michigan Cranberry Company sold $10 million worth of cranberries it produced. In producing cranberries, it purchased $1 million dollars worth of supplies from foreign countries and paid workers who reside in Canada but commute to the U.S. $1 million. How much did these transactions add to U.S. GDP?
a. $12 million b. $11 million c. $10 million d. $9 million
What concept does economics primarily deal with?
a) scarcity b) poverty c) change d) power