Which of the following is true for a profit-maximizing competitive firm in the long run but not a monopolist?
a. MC = MR
b. MC = P
c. AR = P
d. Q > 0
b
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The international agreement on intellectual property administered by the WTO is known as __________.
A. GATT B. NAFTA C. TRIPS D. WTOP
Jim' burger produces 500 burgers per week. Each burger is priced at $3 . A business ordered 750 burgers for an upcoming event. Jim decided to offer a discount by reducing the price of the burgers to $2.50 for the party. What is the marginal revenue of selling the 50th burger for the party?
a. $3 b. $2.50 c. $0.50 d. It cannot be determined with the information given
The lack of a universal productivity effect of higher education was demonstrated by the experience of
A. the United Kingdom. B. Ireland. C. France. D. the Soviet Union.
Which of the following statements is true?
A. Conservative economists focus on incentives, and liberal economists do not. B. Most economists discredit individuals' abilities to choose reasonably. C. Liberal and conservative economists differ less often than laypeople think they do. D. Liberal economists focus on individual choice, and conservative economists do not.