The largest component of national income in the United States is
A) rental income.
B) proprietors' income.
C) compensation of employees.
D) corporate profits.
E) net interest.
C
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The oligopolistic situation in which a company's objective is to maximize revenue subject to a minimum profit requirement is usually referred to as
A) the aggregate model. B) the Baumol model. C) the aggressive model. D) the Marshall model.
A cartel is a group of firms that collude to produce the equilibrium output and sell at the equilibrium price
a. True b. False Indicate whether the statement is true or false
If the nominal interest rate is 5 percent and the inflation rate is 2 percent, then the real interest rate is 7 percent
a. True b. False Indicate whether the statement is true or false
Which of the following is true of a perfectly competitive firm?
A. The firm is a price maker. B. If the firm wishes to maximize profits it will produce an output level in which marginal revenue exceeds marginal cost. C. The firm will not earn an economic profit in the long run. D. The firm's short-run supply curve is its MC curve below its AVC curve.