Which of the following would be considered the most prominent monetarist?
A. John Maynard Keynes
B. Adam Smith
C. Karl Marx
D. Milton Friedman
D. Milton Friedman
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If it costs Sinclair $300 to produce 3 suede jackets and $420 to produce 4 suede jackets, then the difference of $120 is the marginal cost of producing the 4th suede jacket
Indicate whether the statement is true or false
A point lying beyond the utilities possibilities frontier is
A) unattainable. B) efficient. C) inefficient. D) profitable.
A theory is a(n) __________ representation of how two or more variables interact with each other.
a. simplified b. complex c. alternative d. contradictory
If the short-run equilibrium position for a monopolistically competitive firm is P = $28.47, ATC = $22.13, and MC = MR = $17.47, which of the following statements is true?
a. The firm's economic profit is $11. b. Additional firms will be attracted into the industry. c. The firm could raise price and increase profit. d. The firm could lower price and increase profit. e. The firm is producing on the upward-sloping segment of its ATC curve.