A firm's profit is
a. greater if it is a corporation rather than if it is a sole proprietorship
b. higher if it raises its price than if it does not
c. lower if it lowers its price than if it does not
d. never taxed by the government
e. its revenue minus its costs
E
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The principle of diminishing marginal utility implies that the
A) marginal utility of a product is negative. B) total utility from a product is also diminishing as more units are consumed. C) rate of change of total utility is diminishing as more units are consumed. D) rate of change of marginal utility is very low as more units are consumed.
Gross domestic product is the market value of all final goods and services produced in the economy of a given territory during a defined period of time
a. True b. False Indicate whether the statement is true or false
John Maynard Keynes believed that wages may be inflexible in the downward direction. Consequently, an economy
A) could get stuck in long-run equilibrium. B) could get stuck in a recessionary gap. C) could get stuck in an inflationary gap. D) would always produce more than Natural Real GDP. E) b and c
Keynes stated that the amount of savings is based on ________________________ and the demand for investment funds is based on the _________________.
Fill in the blank(s) with the appropriate word(s).