Consider a firm that operates in a perfectly competitive market. Currently the firm is producing 300 units of output and the price is $20 . If marginal cost at 300 units is $22, the firm
a. could increase profits by reducing output from 300 units.
b. could increase profits by increasing output from 300 units.
c. should decide to increase the price above $20
d. should shut down, since it must be losing money.
a
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Refer to Figure 13.1. Assume the voting method used to select a location for the recreation center is the Condorcet method. In the first round of voting, the residents of the 4 towns can choose between Glacier Cove and Mountain View
The winner of that vote will receive ________ votes. A) 150 B) 285 C) 405 D) 480
Despite dramatic increases in trackage during the antebellum period, the U.S. was slow to develop an integrated railroad system. This was primarily due to
a. the opposition of municipal governments to railroads. b. the opposition of the federal government to railroads. c. the failure to adopt a standard gauge for track. d. heavy taxes on railroad companies.
The marginal resource cost of a resource is the additional cost of employing one additional unit of the resource
a. True b. False
What change in household composition has increased income inequality?
a. More childless households b. More senior households c. More single parent families d. More two parent families