The profit outcome achieved by setting MC = MR is the same as that achieved by setting TR = TC
Indicate whether the statement is true or false
F
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A sudden fall in the market demand in a competitive industry leads to
a. A short run market equilibrium price higher than the original equilibrium b. A market equilibrium price higher than the short run price c. New firms entering the market d. All of the above
The following list contains items that are related to aggregate demand and/or aggregate supply.1)Government Spending 2)Consumer Expectations 3)Degree of Excess capacity 4)Personal Income Tax Rates 5)Productivity 6)National Income Abroad 7)Business Taxes 8)Domestic Resource Availability 9)Price of Imported Products 10)Profit Expectations on Investments Refer to the above list. Changes in which of the above two factors would most likely cause a change in aggregate supply?
A. 1 and 5 B. 8 and 9 C. 5 and 7 D. 3 and 10
Many individuals around the world oppose the WTO because they believe it
A. prevents young people around the world from entering the workforce as early in life as they choose. B. unfairly favors the interests of developing countries at the expense of developed countries. C. unfairly favors the interests of large corporations at the expense of workers. D. encourages imposition of unnecessarily restrictive environmental protection regulations.
In modern economies, the cost of raising children has:
A. Decreased because of laxer enforcement of laws that make child labor illegal B. Increased because of stronger enforcement of laws that make child labor illegal C. Increased because of fewer requirements for schooling until adulthood D. Decreased because of more requirements for schooling until adulthood