As market price increases in the short run, a profit-maximizing firm in a perfectly competitive market will expand output along its:
a. marginal cost curve.
b. average total cost curve.
c. average variable cost curve.
d. market demand curve.
a
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Based on the figure above, if the firm produces 7 cans per day, the firm ________ maximizing its profit and is ________
A) is; incurring an economic loss B) is; making a normal profit C) is; making an economic profit D) is not; incurring an economic loss E) is not; making a normal profit
Antitrust laws in other countries are much stronger than U.S. antitrust laws
a. True b. False Indicate whether the statement is true or false
Tariffs are NOT defended on the grounds that they
A) improve the terms of trade of foreign nations. B) protect jobs and reduce unemployment. C) promote growth and development of young industries. D) prevent over-dependence of a country on only a few industries. E) protect domestic producers from foreign low prices.
Which of the following countries does NOT use the euro?
A) Estonia B) Belgium C) Finland D) United Kingdom