In general, firms will produce at a rate of output such that marginal revenue equals marginal cost because this output rate will
a. bring total revenue into equality with total cost.
b. maximize the difference between the revenue received from the last unit and the cost incurred in producing the last unit.
c. result in the lowest possible average total costs of production.
d. maximize the firm's profit.
D
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Which of the following is TRUE of the Federal Reserve System?
I. It was established in the early 1980s. II. It serves as the central bank of the United States. A) I only B) II only C) Both I and II D) Neither I nor II
If a country's real GDP is growing at 5 percent and the population is also growing at 5 percent, its:
a. per capita real GDP grows at an increasing rate. b. per capita real GDP grows at a constant rate. c. population growth will eventually exceed real GDP. d. per capita real GDP decreases at a constant rate. e. per capita real GDP does not change.
A university's football stadium is always sold out, and students who wait in line for hours may be turned away. This indicates
a. the ticket price is above the equilibrium price. b. the ticket price is below the equilibrium price. c. the ticket price is at the equilibrium price. d. nothing about the equilibrium price.
The quantity of labor supplied is dependent on the size of the working population and the wage rate.
Answer the following statement true (T) or false (F)