Macroeconomics includes the study of:
A. How rent ceilings impact the construction rates of new apartments.
B. How grocery cart rental fees impact parking lot accident rates.
C. How the increase in the labor force participation rate by females impacts childhood obesity.
D. How the economy works on a regional, national, or international scale.
Answer: D
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If, for the last unit of a good produced by a perfectly competitive firm, MR > MC, then in producing it, the firm
A) added more to total costs than it added to total revenue. B) added more to total revenue than it added to total cost. C) is maximizing marginal profit. D) has minimized its losses.
Why is the demand curve horizontal for a perfectly competitive firm?
What will be an ideal response?
How do economic growth rates affect a nation's standard of living?
What will be an ideal response?
Output Total Cost015125233340448558670
Refer to Table 5.5. The total variable cost of producing five units of output is:
A. $8.60. B. $43. C. $48. D. $58.