In order to maximize profits
A) the derivative of total revenue with respect to quantity must be less than the derivative of total cost with respect to quantity.
B) the derivative of total revenue with respect to quantity must be greater than the derivative of total cost with respect to quantity.
C) the derivative of total revenue with respect to quantity must equal the derivative of total cost with respect to quantity.
D) none of these choices.
C
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Demand and supply shifts will cause a price to change, but a change in the price of only a good affects quantity demanded and quantity supplied, never demand and supply itself
a. True b. False Indicate whether the statement is true or false
The money multiplier tends to be greater when:
A. individuals hold less cash. B. individuals hold more cash. C. banks hold more excess reserves. D. the reserve ratio increases.
You operate a small poultry farm in east Texas. You sell most of your output through a regional distributor of poultry products in the area. In this case, you are subject to
a. Low buyer power b. High buyer power c. No buyer power d. All of the above
If a government imposed price ceiling legally sets the price of beef below market equilibrium, which of the following will most likely happen?
a. The quantity of beef demanded will decrease. b. The quantity of beef supplied will increase. c. There will be a surplus of beef. d. There will be a shortage of beef.