Consider the same monopoly situation as in the previous question. The firm's profit will be
a. 1,760
b. 1,660
c. 2,264
d. 6,728
b
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When the total value of final goods and services is calculated using current prices, the resulting measure is referred to as
A) real GDP. B) the GDP deflator. C) nominal GDP. D) the index of leading indicators.
The rule that states that the marginal revenue product equal to price does not hold when there are more than two inputs
a. True b. False Indicate whether the statement is true or false
The interest rate is determined by the
a. altruism or greed of bankers. b. demand for loanable funds. c. supply for loanable funds. d. supply and demand for loanable funds.
Amy can produce either 5,000 pounds of cheese or 20 cars per year. Mike can produce either 5,000 pounds of cheese or 10 cars per year. Amy's opportunity cost of producing one car is ________ pounds of cheese.
A. 1/250 B. 20 C. 250 D. 1/20