A firm seeking to maximize economic profits should produce at the output at which
A) total revenue equals total cost.
B) marginal revenue equals marginal cost.
C) average revenue equals average cost.
D) marginal revenue equals average revenue.
B
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Due to low interest rates, increased banking regulations, and technological change, JPMorgan Chase announced it would ________ the number of persons it employed in 2015 and this would ________ the total number of persons unemployed in the economy
A) decrease; increase B) increase; decrease C) decrease; decrease D) increase; increase
The steeper an isoquant is,
A) the greater is the marginal productivity of labor relative to that of capital. B) the greater is the substitutability between capital and labor. C) the greater is the need to keep capital and labor in fixed proportions. D) the greater is the level of output.
Suppose a shipping company required all applicants to lift fifty-pound boxes on and off a truck for an hour to test their strength and endurance and suppose that resulted in 50-out-of-100 male applicants to be hired and 10-out-of-100 female applicants to be hired. If this test measured the performance required on the job, then this would be an example of
A. disparate treatment discrimination. B. comprehensive discrimination. C. adverse impact discrimination. D. statistical discrimination.
An increase in the price of a good or service leads to a(n) ________ that leads to a(n) ________.
A. increase in quantity demanded; shift of the demand curve B. decrease in quantity demanded; movement along the demand curve C. increase in demand; shift of the demand curve D. decrease in demand; movement along the demand curve