If a firm in a competitive price-searcher market finds that its marginal revenue exceeds its marginal cost at the current rate of output, it should
a. raise the price of the product and expand its output.
b. raise the price of the product and reduce its output.
c. lower the price of the product and expand its output.
d. lower the price of the product and reduce its output.
C
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Free trade
A) helps economic growth by increasing tariffs. B) hurts economic growth because foreigners are not bound by the same patent laws as we are. C) helps economic growth by encouraging the sharing of technology and industrial ideas. D) hurts economic growth because foreign countries can produce goods with lower labor costs.
Suppose that an economy has 9 million people working full-time. It also has 1 million people who are actively seeking work but currently unemployed as well as 2 million discouraged workers who have given up looking for work and are currently unemployed. What is this economy's unemployment rate?
What will be an ideal response?
The rate of growth in the productivity of capital is 1? percent, the rate of growth of capital is 2? percent, the rate of growth of labor is 1? percent, and the rate of growth in the productivity of labor is 3 percent. From this we know that
What will be an ideal response?
Examples of precommitments, to deal with people's time inconsistency problems, include the following except:
A. Automatic payroll deductions B. Debit card accounts C. Early withdrawal penalties D. Salary smoothing