For a monopolistically competitive firm, at the profit-maximizing quantity of output,
a. price exceeds marginal cost.
b. marginal revenue exceeds marginal cost.
c. marginal cost exceeds average revenue.
d. price equals marginal revenue.
a
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Which of the following goods is likely to be sold through an auction?
A) a loaf of bread from a local bakery B) the rights to drill for oil on a specified 200 acres in Texas C) an ear of corn D) a bag of flour
Tom and Jerry have two tasks to do all day: make dishes and build fences. If Tom spends all day making dishes, he will have make 16 dishes. If he instead devotes his day to building fences, Tom will build 4 fences. If Jerry spends his day making dishes, he will make 14 dishes; if he spends the day building fences, he will build 7 fences. At the end of the day, if Jerry was efficient with his resources, he could have produced:
A. 12 dishes and 0 fences. B. 10 dishes and 2 fences. C. 8 dishes and 2 fences. D. 6 dishes and 2 fences.
Economic efficiency is achieved
a. when all resources are fairly allocated b. when an economy is producing the maximum possible amount of goods and services c. when production or allocation of goods cannot be rearranged to make one person better off while harming no one else. d. if production or allocation of goods cannot be rearranged to make at least one person better off e. if production or allocation of goods cannot be rearranged in a way the benefits more people than it harms
The largest trading partner of the United States is
a. Mexico. b. Canada. c. the European Union. d. Japan.