Economic efficiency necessarily occurs when the firm
A) produces a given output at least cost.
B) produces a given output by using the least inputs.
C) earns a normal profit.
D) earns an economic profit.
A
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Suppose the demand for pizza in a small isolated town is p = 10 - Q. There are only two firms, A and B, and each has a cost function TC = 2 + q. Determine the Cournot equilibrium
What will be an ideal response?
The reforms introduced by Congress in the 1930s led to:
A. the Great Crash. B. relative financial stability for over 70 years. C. a further decline that lasted for 25 years. D. the Great Depression to be worse than it needed to be.
It is possible to distinguish a monopoly from perfect competition by noting that only competitive firms can earn economic profits in the short run.
Answer the following statement true (T) or false (F)
As the central bank of the United States, the Fed does not have any liabilities on its balance sheet.
Answer the following statement true (T) or false (F)