What is the profit maximizing price?
A) 10
B) 20
C) 3
D) 40
E) none of the above
A
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Someone who sells commodity futures is
A) hedging. B) purchasing risk. C) selling risk. D) simultaneously purchasing and selling risk. E) not necessarily doing any of the above.
Market structure depends upon
A) the ease of entry and exit. B) the ability of firms to differentiate their goods and services. C) the number of firms in the market. D) All of the above.
Refer to Figure 9.4. In the short run, how much should the firm produce at the price P1?
A. 0
B. Q1
C. Q2
D. Q3
If prices in the current year are higher on average than in the base year, real GDP in the current year ________ nominal GDP in the current year.
A. could be greater than or less than B. is less than C. is equal to D. is greater than