A perfectly competitive firm that is maximizing profit produces the quantity of output at which price equals marginal cost.
Answer the following statement true (T) or false (F)
True
You might also like to view...
From 8 to 11 p.m., Sam can either attend a basketball game, a hockey match or the symphony. Suppose that Sam decides to attend the hockey match and thinks to herself that if she did not go to the match she would go to the symphony
Then the opportunity cost of attending the hockey match is A) going to the symphony and the basketball game. B) going to the symphony. C) going to the basketball game. D) three hours of time.
According to the table above, the money income distribution is ________ unequal than the market income distribution because ________ income reflects income redistribution through taxes and benefits
A) less; money B) less; market C) more; money D) more; market
Suppose the central bank implements a monetary expansion that is not fully anticipated by financial markets. Given this information, we would expect
A) stock prices to rise. B) stock prices to fall. C) stock prices to remain unchanged. D) an ambiguous effect on stock prices. E) none of the above
The supply of labor in the classical system is a function of the
a. marginal product of labor. b. real wage. c. the public's preference for leisure. d. money wage. e. b and c