If a firm wished to maximize total revenues it should produce where
a. marginal cost is zero.
b. marginal revenue is zero.
c. marginal revenue is equal to marginal cost.
d. marginal revenue is equal to price.
b
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We are interested in long-term growth primarily because it brings
A) higher price levels. B) lower price levels. C) higher standards of living. D) trade wars with our trading partners.
An increase in the amount of resources would shift the long-run aggregate supply curve:
A) rightward. B) leftward. C) no shift. D) none of the above.
Refer to Figure d, which illustrates a game played by Travis and Darren. For Darren, East is:
A. the best response.
B. the dominant strategy.
C. weakly dominated.
D. dominated.
An aggregate demand curve can be drawn by: a. shifting the 45-degree line
b. letting changes in autonomous spending shift the aggregate expenditure line. c. letting changes in the price level shift the aggregate expenditure line. d. letting changes in the level of income shift the aggregate expenditure line. e. letting changes in real GDP shift the aggregate expenditure line.