In perfect competition, the condition that ensures that the right things are produced is
A. MUX = PX.
B. P = MC.
C. MRPL = ATC.
D. P = ATC.
Answer: B
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______ refers to the output level at which average cost is lowest.
A. Interior solution B. Economies of scope C. Economies of scale D. Efficient scale of production
Which is true?
a. Barter is an efficient way to conduct business b. Fiat money is currency backed by the nation's gold reserves c. the US dollar is backed by gold d. the Fed sets tax policy e. a Gold Standard means that a person with currency can easily convert the currency into gold
The table below shows the quantity of labor (measured in hours) and the productivity of labor (measured in real GDP per hour) in a hypothetical economy in three different years.
Refer to the above table. Between Year 2 and Year 3, real GDP increased by:
A. 2 percent
B. 5 percent
C. 10 percent
D. 15 percent
________ are financial intermediaries that acquire funds by selling shares to many individuals and using the proceeds to purchase diversified portfolios of stocks and bonds
A) Mutual funds B) Investment banks C) Finance companies D) Credit unions