The primary objective of most private firms is to:
A. maximize profit.
B. maximize output.
C. minimize cost.
D. maximize revenue.
Answer: A
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The relationship between the MPS and the MPC is such that
A. 1 ? MPC = MPS. B. MPC - MPS = 1. C. MPS/MPC = 1. D. MPC ? 1 = MPS.
All externalities impose a cost on others
a. True b. False Indicate whether the statement is true or false
A prestigious private high school requires each of its teachers to have a Ph.D. in the subject they teach. This requirement is likely to
a. increase the supply of teachers to this school. b. increase wages for teachers at the private school relative to those at public schools. c. decrease the marginal product of teachers at the private school. d. All of the above are correct.
What is the meaning of the phrase ceteris paribus to an economist?
(A) The way that economists consider the changes in demand for a good. (B) A projection about the change in availability of a good. (C) An assumption that nothing but the price of an item will change. (D) A conjecture about the changes in consumer behavior.