Production efficiency implies that
A) joint profits are maximized.
B) joint profits are minimized.
C) joint profits are zero.
D) joint profits can be increased.
A
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If a good is excludable, ________
A) one person's use of the good reduces the amount of the good available to others B) people can be prevented from using the good C) more than one person cannot use the good at the same time D) several people can use the good simultaneously
Refer to the table above. If the rental price of machines is $100 per day, up to how many machines should the firm rent to maximize profits?
A) 4 B) 5 C) 6 D) 7
Price discrimination
A) eliminates the producer surplus. B) turns consumer surplus into producer surplus. C) decreases output below the profit-maximizing level. D) lowers a monopoly's economic profit.
An increase in the discount rate will result in:
A) increase in bank reserves and a decrease in the federal funds rate. B) increase in bank reserves and an increase in the federal funds rate. C) decrease in bank reserves and a decrease in the federal funds rate. D) decrease in bank reserves and an increase in the federal funds rate.