Economics seeks to use only positive analysis to
A) provide a value-free analysis.
B) seek the best answer.
C) explain what is wrong with people.
D) provide normative values.
Answer: A
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For a certain firm, the 100th unit of output that the firm produces has marginal revenue equal to $10 and a marginal cost of $7 . It follows that
a. the production of the 100th unit of output increases the firm's profit by $3. b. the production of the 100th unit of output increases the firm's average total cost by $7. c. the firm's profit-maximizing level of output is less than 100 units. d. the production of the 110th unit of output must increase the firm's profit by less than $3.
Suppose that a firm in a competitive market is currently maximizing its short-run profit at an output of 50 units. If the current price is $9, the marginal cost of the 50th unit is $9, and the average total cost of producing 50 units is $4, what is the firm's profit?
a. $0 b. $200 c. $250 d. $450
If income increases in other countries, then U.S.
A. imports will increase. B. exports will increase. C. imports will decrease. D. exports will decrease.
The long-run aggregate supply curve shows
A. the total amount of planned production for an economy. B. the various quantities of goods consumers will purchase. C. what an economy can produce if resource prices are constant. D. that real GDP can only increase when the price level increases.