Refer to the figure above. At what level of output does the firm maximize profits?
A) 0 units
B) 10 units
C) 20 units
D) 30 units
D
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Long run average cost curves are downward sloping for increasing returns to scale production technologies.
Answer the following statement true (T) or false (F)
In thinking about the criteria for an ideal voting system, unanimity means if:
A. the median in the group prefers option X to option Y, then X beats Y. B. the majority of the group prefers option X to option Y, then X beats Y. C. no one in the group prefers option X to option Y, then it must still be possible for X to beat Y. D. everyone in the group prefers option X to option Y, then X beats Y.
Which of the following is an accurate statement concerning rent controls?
a. Decreases in rent are allowed, but not increases. b. Rents often fluctuate during the tenure of an occupant. c. Rents are fixed even though cost of living might increase. d. Small annual increases are allowed because of cost of living.
If the overall price level rises from 100 to 150, the aggregate
A. quantity demanded could increase from $5 trillion to $6 trillion. B. quantity demanded could decrease from $5 trillion to $4 trillion. C. demand curve could shift to the right. D. demand curve could shift to the left.