This graph represents the cost and revenue curves of a firm in a perfectly competitive market.
According to the graph shown, if a firm is producing at Q3:
A. average total costs exceed the market price.
B. the firm should expand production.
C. marginal revenue is greater than marginal cost.
D. profits are being maximized.
Answer: A
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Why might improvements in children's public health care services lower fertility?
What will be an ideal response?
Municipalities that have adopted the policy of "rent control" typically set the rentals on certain apartments well below equilibrium. As a result,
A) landlords have a difficult time finding tenants. B) prospective tenants have a difficult time finding available apartments. C) there is a surplus of apartments. D) All of the above.
According to human capital theory, all of the following help make workers more productive EXCEPT:
A. education. B. health and fitness. C. skills. D. increased unemployment benefits.
Intermediaries, known as middlemen, specialize in
A. negotiating low prices for buyers. B. reducing transaction costs. C. encouraging consumers to buy goods on credit, rather than with cash. D. negotiating high prices for sellers.