A firm's total profit can be calculated as all of the following except
A) total revenue minus total cost.
B) (price minus average total cost) times quantity sold.
C) average profit per unit times quantity sold.
D) marginal profit times quantity sold.
D
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In recent years, the cost of producing organic produce in the United States has decreased largely due technological advancement. At the same time, more and more Americans prefer organic produce over conventional produce
Which of the following best explains the effect of these events in the organic produce market? A) Both the supply and demand curves have shifted to the right. As a result, there has been an increase in both the equilibrium price and the equilibrium quantity. B) Both the supply and demand curves have shifted to the right. As a result, there has been an increase in the equilibrium quantity and an uncertain effect on the equilibrium price. C) The supply curve has shifted to the left and the demand curve has shifted to the right. As a result there has been an increase in the equilibrium quantity and an uncertain effect on the equilibrium price. D) The supply curve has shifted to the left and the demand curve has shifted to the right. As a result, there has been an increase in the equilibrium price and an uncertain effect on the equilibrium quantity.
According to Robert Reich, secretary of Labor in the Clinton administration,
a. the identity of American companies is clear, and laws should be written accordingly. b. foreign companies are clearly different from American companies. c. multinational companies have clear bases of operations, which form their identity. d. it is almost impossible to define the nationality of a multinational company. e. identifying the country of origin of a product is almost impossible, but essential for proper regulation.
Oligopolists behave independently of each other.
Answer the following statement true (T) or false (F)
Economists tend to see taxing an action that produces a negative externality as:
A. the second best solution possible, but often unattainable. B. the best solution possible and often the most attainable. C. the best solution possible, but often unattainable. D. the second best solution possible but one that is attainable.