To maximize total revenue
A) should produce where MR=MC.
B) should produce where MR=P.
C) a firm should produce where MR=0.
D) should produce where P=ATC.
C
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Which one of the following people is not a member of the labor force?
A. A full-time student who devotes all her time to her classes. B. A person who works 30 hours a week at Burger King and goes to school at night. C. The man who was fired last week and is searching for a new job. D. A professional athlete.
If the price of a good in a closed economy is greater than the world price, then if the country opens its markets to world trade the country will be a ________ of that good.
A. net exporter B. producer C. importer and exporter D. net importer
Is a firm economically inefficient if it can cut its costs by producing less? Why or why not?
What will be an ideal response?
Business cycles can be described best as
(a) being pervasive during the antebellum period but their effects were isolated to the private sector. (b) being pervasive during the antebellum period but their effects were isolated to the public sector. (c) being pervasive during the antebellum period and their effects were felt both in the private and public sectors. (d) uncommon during the antebellum period but their effects were felt significantly when present.