If the firm is maximizing profits or minimizing losses, it is producing _____ units of output and charging a price of ______.
A. 50 units; $10
B. 50 units; $18.40
C. 60 units; $12
D. 60 units; $16.80
B. 50 units; $18.40
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Which of the following would shift a nation's production possibilities frontier outward?
A) an increase in demand for the nation's products B) discovering a cheaper way to convert sunshine into electricity C) a decrease in the unemployment rate D) a law requiring workers to retire at age 50
A perfectly competitive firm will shut down in the short run when marginal revenue equals marginal cost at a price less than minimum average variable cost
a. True b. False Indicate whether the statement is true or false
Which statement best explains convergence?
a. Some low-income economies around the world have shown a pattern of convergence, in which their economies grow faster than those of middle-income countries. b. Some middle-income economies around the world have shown a pattern of convergence, in which their economies grow faster than those of low-income countries. c. Some low-income and middle-income economies around the world have shown a pattern of convergence, in which their economies grow faster than those of high-income countries. d. Some high-income economies around the world have shown a pattern of convergence, in which their economies grow faster than those of low-income and middle-income countries.
The expected effects of an increased budget deficit are
A. higher real interest rates. B. exchange rate depreciation. C. lower inflation. D. All of these responses are correct.