Overexpansion can cause a perfectly competitive firm to ________.
A) produce at a quantity where the market price exceeds the firm's average total cost
B) produce at a quantity where the marginal revenue exceeds the firm's average total cost
C) earn economic profit
D) produce at a quantity where the average total cost exceeds the firm's marginal revenue
D) produce at a quantity where the average total cost exceeds the firm's marginal revenue
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Modern economists measure how much utility Fred gets from a hot dog by
A. asking Fred how many utils he gets from its consumption. B. examining the price of the hamburger Fred chose not to buy. C. asking Fred how much of some other good he would give up to get the hot dog. The “other good” can be any good except money. D. asking Fred how much of some other good he would give up to get the hot dog. The “other good” can be any good, including money.
Which of the following is the treaty that took the participating countries from a free trade area to a common market?
A) The Treaty of Rome B) The Maastricht Treaty C) Single European Act D) Treaty on European Union
In the Keynesian zone of the short-run aggregate supply, what happens when aggregate demand increases?
a. There is increasing unemployment pressure. b. There is inflationary pressure. c There is no inflationary pressure. d. There is a lack of growth.
Which of the following is a stock?
A. Consumption B. Wealth C. Saving D. Income