What point is the profit maximizing level of output?
A. MC=MR
B. MR=ATC
C. MC=ATC
D. D=MC
Answer: A
You might also like to view...
An efficient economy would set the marginal product in the traditional sector
A) lower than that in the modern non-traditional sector. B) higher than that in the modern sophisticated sector. C) equal to that in the modern sophisticated sector. D) lower in the relatively capital intensive sector. E) higher in the relatively capital intensive sector.
Public goods are: a. any goods or services several members of the public would like produced b. those goods for which natural monopolies exist
c. goods which cannot be successfully produced by private firms. d. goods which cannot be easily financed through the market system.
According to the following information, what is the unemployment rate? Number of Employed: 1800 Number of Unemployed: 200 Not in the Labor Force: 600
a. 10% b. 12% c. 14% d. 20%
Suppose there has been an increase in supply and a decrease in demand. In which of the following cases would the equilibrium quantity be indeterminate?
a. The supply curve shifts a measurable amount to the right. b. The demand curve shifts a measurable amount to the left. c. The relative size of the shifts in the two curves is unknown. d. The relative size of the shifts in the two curves is equal.