A Wisconsin farmer sells her crops in a competitive price-taker market. If she produces 500 bushels for total revenue of $2,500 and if harvesting the 501st bushel would raise her total cost from $2,500 to $2,505, her
a. revenue will increase by $10 if she harvests the 501st bushel
b. revenue will fall by $5 if she harvests the 501st bushel
c. average fixed cost will rise if she harvests the 501st bushel
d. profit will fall by $10 if she harvests the 501st bushel
e. profit will remain unchanged if she harvests the 501st bushel
E
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Name four of the six primary functions of the central bank
"He [the producer] intends only his gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention." What famous economist made this statement?
a. Alfred Marshall b. Friedrich Hayek c. Adam Smith d. David Ricardo
A theory must be capable of being proved wrong if, in fact, it is wrong
Indicate whether the statement is true or false