The main decision for a profit-maximizing perfectly competitive firm is not what ________ but what ________.
A. level of output to produce; total revenue to achieve
B. price to charge; level of output to produce
C. price to charge; total cost to achieve
D. level of output to produce; price to charge
Answer: B
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According to the text, what is not a pre-condition for factory production and industrialization?
a. Standardized parts b. Sufficient power and energy c. Continuous process production d. A sufficiently centralized administrative structure
The largest in-kind transfer program is:
a. Transitory Assistance to Needy Families. b. Medicaid. c. Social Security. d. SNAP (food stamps).
Both those who favor an active approach as well as those who favor a passive approach to policy believe that the economy can suffer from extreme and long-lasting swings in real GDP
a. True b. False Indicate whether the statement is true or false
Oligopolists may charge a price lower than the profit maximizing price to discourage new firms from entering a market
a. True b. False Indicate whether the statement is true or false