When a random demand and marginal cost are linear, producing the quantity at which the marginal cost equals the ________ maximizes ________.
A) expected marginal revenue; expected profit
B) marginal revenue; profit
C) marginal revenue; expected profit
D) expected marginal revenue; profit
A) expected marginal revenue; expected profit
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When the economy's actual price level exceeds the expected price level in the short run: a. the real wages of workers decline
b. the nominal wages of workers increase. c. firms decrease output below the potential level. d. the economy produces the natural rate of output. e. cyclical unemployment in the economy falls to zero.
In the short-run macro model, the change in inventories will
a. equal output minus aggregate expenditures b. trigger a price change c. equal investment minus depreciation d. equal sales minus investment e. be matched by an equal and opposite change in the subsequent period
Government expenditures for Social Security and unemployment insurance are, for GDP accounting purposes, considered:
A. transfers, and are included in government spending as part of GDP. B. transfers, and are not included in government spending as part of GDP. C. purchases, and are not included in government spending as part of GDP. D. purchases, and are included in government spending as part of GDP.
The ______________________ which was set up in 1995, was the successor to GATT.
Fill in the blank(s) with the appropriate word(s).