In the above figure, what is total profit at the profit-maximizing point?
A. $56
B. $70
C. $14
D. $42
Answer: B
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The slope of the total product curve is the
A) average product. B) slope of a line from the origin to the point. C) marginal product. D) marginal rate of technical substitution.
Though the countries can benefit by completely specializing in the production of the good in which they have comparative advantage, in real world however, they do not completely specialize
a. True b. False Indicate whether the statement is true or false
A monopolist’s total profit is shown by the difference between price and average cost per unit times the number of units sold.
Answer the following statement true (T) or false (F)
Each of the following would increase the supply of U.S. dollars, shifting the supply curve for dollars to the right, EXCEPT:
A. an appreciation of the U.S. dollar relative to other currencies. B. an increase in U.S. real GDP. C. an increased preference for foreign-made goods. D. an increase in the real interest rate on foreign assets.