If a business produces and sells only one unit of a good, its profit would be the
a. price received for the good
b. price of the product minus the cost of the resources used to produce the product
c. return paid to the firm's bank on its outstanding loans
d. price of the product minus the wages paid for the labor used to produce it
e. wages paid for the labor used to produce the product minus the price
B
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If the consumption function is C = 90 + 0.75y, then the level of autonomous consumption is
A) 0.25. B) 0.75. C) 67.5. D) 90.
Refer to Figure 13-9. Which of the graphs in the figure depicts a monopolistically competitive firm that is earning economic profits?
A) Panel A B) Panel B C) Panel C D) Panel A and Panel B
The flat part of the aggregate supply curve is the _____ range.
Fill in the blank(s) with the appropriate word(s).
In the figure above, at the allocatively efficient level of computer production the marginal cost of producing a computer is
A) 0 televisions per computer. B) between 0 and 3 televisions per computer. C) 3 televisions per computer. D) more than 3 televisions per computer.