The figure above shows the demand and cost curves for a single-price monopoly. What level of output maximizes the firm's economic profit?
A) 0 units
B) 20 units
C) 30 units
D) 50 units
B
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Common ownership of resources such as land can be efficient as long as
a. people are honest b. government regulates resource use c. rules for resource use are clear in assigning rights and responsibilities d. penalties for misuse are severe e. all the above are required
The marginal resource cost is the amount by which an additional unit of input decreases the firm's variable costs
a. True b. False Indicate whether the statement is true or false
A government policy of providing job training for unskilled youths is an example of a policy to promote economic growth by:
A. increasing physical capital. B. improving technology. C. increasing the availability of natural resources. D. increasing human capital.
Some economists prefer to use the term business fluctuations rather than business cycles to describe the historical growth record in the United States because:
A. Cycles include a trough phase while fluctuations do not B. Cycles imply regularity while fluctuations do not C. Fluctuations include an expansion phase while cycles do not D. Fluctuations are relatively predictable events