If a firm in a competitive market is currently producing a quantity where price exceeds the marginal cost, the firm should lower its price
Indicate whether the statement is true or false
False. A competitive firm does not vary price. Rather, if p > MC, the firm should increase output until p = MC.
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Real (adjusted for inflation) federal spending per person in the United States
a. has increased by approximately 10 percent per decade during the last 225 years. b. increased more rapidly during the nineteenth century than during the twentieth century. c. in 2012 was approximately 80 times the level of 1916. d. increased rapidly during the first half of the twentieth century but has changed very little since 1950.
Which of the following achieves the efficient use of a common resource?
a) property rights, individual transferable quotas, and subsidies b) individual transferable quotas and copyrights c) property rights, quotas, and individuals transferable quotas d) property rights, quotas, and subsidies
Based on table 9.1 (the table above), the statistical discrepancy is _________
Fill in the blank(s) with the appropriate word(s).
Which of the following is one of the most widely followed stock indexes in the United States?
A) the Dow Jones Industrial Average B) the Chicago Mercantile Exchange C) the Fortune 500 D) the Securities and Exchange Commission