Refer to Table 13-2. What is the output (Q) that maximizes profit and what is the price (P) charged?
A) P = $55; Q = 5 cases B) P = $50; Q = 6 cases
C) P = $45; Q = 7 cases D) P = $40; Q = 8 cases
B
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Taxes that change with the level of real GDP and income are called
A) flexible taxes. B) voluntary taxes. C) induced taxes. D) forced taxes. E) GDP taxes.
Cyclical unemployment is caused by
A) technological change. B) fluctuations in the business cycle. C) a dynamic economy in which people want to switch jobs sometimes. D) predictable shifts in production associated with different seasons.
A monopolistic firm will shut down if
A) P < ATC for every level of output. B) P > ATC for every level of output. C) P > AVC for every level of output. D) P < AVC for every level of output.
Which market structure(s) include(s) many firms with differentiated products who can enter and exit the market freely?