The monopolist in Exhibit 9-5 will produce where
a. MR = 0
b. MR = MC
c. MC < MR
d. MC = ATC
e. D = MC
b. MR = MC
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The arguments of Kessel and Alchien (1959) on the terms of trade and the question of "who paid for the Civil War (1861–1865)" conclude that 40 percent of the war's burden fell on
(a) those who exported manufactures. (b) those who purchased imports. (c) farmers alone. (d) the economy as a whole.
Which of the following is true of inflation?
A. It occurs when the demand for a particular currency is more than the supply B. It occurs when securities are purchased in one market for immediate resale in another. C. It occurs when two parties agree to exchange currency and execute a deal at a specific date in the future. D. It occurs when the quantity of money in circulation rises faster than the stock of goods and service. E. It occurs when output increases faster than the money supply.
Inputs used by a business in the production process include
A. profit. B. cost. C. labor. D. revenue.
Macroeconomics is the study of economics from the standpoint of:
A. a typical firm. B. individual economic units. C. a typical household. D. the overall economy.