What did Malthus believe would be the ultimate result of population growth?
a. technological innovation and a higher standard of living
b. rapidly fluctuating economic growth
c. positive per capita economic growth
d. wages that were at a subsistence level
d. wages that were at a subsistence level
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Jerry's Jellybean Factory produces 2,000 pounds of jellybeans per month and sells them in a perfectly competitive market. The marginal cost is $3 per pound, the average variable cost is $2 per pound, and the beans sell for $4 per pound. Jerry
A) is maximizing profit. B) is incurring an economic loss and should shut down. C) could increase his profit by producing more beans. D) could increase his profit by producing fewer beans. E) could increase his profit by raising the price of his beans.
Traditional bank notes promised to pay the bearer a specific quantity of
A) cigarettes. B) consumer goods and services. C) metallic money. D) durable goods. E) interest.
When perfectly competitive firms in an industry are earning positive economic profits, a. we would expect entry into the industry
b. we would expect stability in the industry, since it is in long run equilibrium. c. we would expect exit from the industry. d. we do not know whether there would tend to be entry, exit, or stability in the industry.
Unlike a perfectly competitive firm, a monopolistically competitive firm
a. faces a perfectly inelastic demand curve. b. can earn positive economic profit in the short run and in the long run. c. cannot earn positive economic profit even in the short run. d. has a negatively sloped demand curve.