A monopolist can earn an economic profit only when:
a. marginal cost equals marginal revenue.
b. marginal cost equals price.
c. average total cost is less than price.
d. all of these.
c
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Like the two world wars, the Korean War (1950–53) produced shortages of resources, labor and output due to large-scale foreign military deployments and demands for the production of war-related goods and services
Indicate whether the statement is true or false
It is widely believed that the Federal Reserve's most important function is
A) to provide loans to the federal government. B) to regulate the money supply. C) to set the legal, controlled consumer interest rates. D) to lend to risky customers.
A company can protect itself from the opportunity cost of rising rents in an area by buying its own building
a. True b. False Indicate whether the statement is true or false
An aggregate production function, when shown on a graph,
a. is linear and slopes upward b. is linear and slopes downward c. is horizontal d. is vertical e. slopes upward, and flattens out as more labor is used