To calculate a firm’s per unit of output profit, it is necessary to subtract
A. price from cost per unit.
B. price from resource costs.
C. cost per unit from product price.
D. cost per unit from cost of resources.
Answer: C
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Assume that the state of Missouri decided to place a tariff on every product produced outside the state in an effort to increase the state's revenue and increase employment in the state. If Missouri did so,
A) the prices of goods imported into Missouri would fall. B) the state's total output would definitely increase. C) the standard of living within Missouri would decrease. D) workers with jobs in new firms replacing out-of-state imports would earn high income. E) other states would begin to dump in Missouri.
Decreases in autonomous spending cause rightward shifts of the aggregate demand and supply curves
Indicate whether the statement is true or false
The head of a stable dictatorship is likely to have _____ the president of the United States
a. the same time horizon as b. a shorter time horizon than c. a longer time horizon than d. a shorter tenure than
The MR = MC rule is no longer accepted by most economists as representing the behavior of firms
Indicate whether the statement is true or false