A positive statement is:
a. something good or desirable.
b. a call for improvement.
c. a statement of opinion.
d. a statement testable by facts.
e. a suggestion for policy.
d
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Which of the following will result in a firm increasing its level of production?
a. An increase in its Marginal Costs. b. A decrease in its Marginal Revenue. c. An increase in its Fixed Costs. d. An increase in the price of its product.
A cartel maximizes industry profit by:
a. eliminating quotas. b. producing at the kink in its demand curve. c. producing where MR = MC. d. giving secret price concessions. e. producing more output than a monopoly would.
GDP is the market value of all final goods and services produced by a country's citizens in a given period of time
a. True b. False Indicate whether the statement is true or false
Which of the following correctly describes the profit-maximizing level of output selected by a monopolistically competitive firm in the short run?
a. Output is set in the short run where marginal cost equals price. b. Output is set in the short run where marginal cost equals marginal revenue. c. Firms will shut down in the short run even if price exceeds average variable cost at the rate of output selected by the firm. d. Firms will shut down in the short run even if price equals marginal cost.