Price ceilings are primarily intended to help
a. No one
b. Consumers
c. Producers
d. Government
b
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If a country is producing efficiently and is on the production possibilities frontier, the country can produce more of one good without producing less of the other good
Indicate whether the statement is true or false
A monopolist earning short-run economic profit determines that at its present level of output, marginal revenue is $23 and marginal cost is $30 . Which of the following should the firm do to increase profit?
a. Raise price and lower output. b. Lower price and lower output. c. Raise price and raise output. d. Lower price and raise output. e. Lower output but leave price unchanged.
If price equals average total cost, then total revenue
a. equals total cost b. equals total fixed cost c. equals total variable cost d. is greater than total cost e. equals marginal revenue
Refer to the information provided in Figure 28.7 below to answer the question(s) that follow.
Figure 28.7Refer to Figure 28.7. If the economy is on SRPC2, then the expected inflation rate is
A. 4%. B. 5%. C. 6%. D. none of the above.