In general, perfectly competitive firms maximize their profit by producing the level of output at which:
A. total cost is minimized.
B. average cost equals price.
C. marginal cost equals price.
D. average cost is minimized.
Answer: C
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If the U.S. population grew at a 0.9 percent during 2006 and real GDP grew at a 4.4 percent during the same period, what was the growth rate of real GDP per person?
A) 1.6 percent. B) 7.75 percent. C) 3.5 percent. D) 6 percent. E) 0 percent.
The demand curve for a monopolistic competitor is likely to be steeper than that of a monopolist
a. True b. False Indicate whether the statement is true or false
Developments in the United States, such as credit cards, debit cards, ATMs, and online banking have:
A. increased the supply of money. B. increased the demand for money. C. had no impact on the supply or demand for money. D. decreased the demand for money.
Suppose consumers save 8 percent of their incomes. If the government collects 4 dollar in taxes from each taxpayer and invested it in infrastructure, total social investment will ________ per taxpayer.
A. increase by $ 4.32 B. increase by $3.68 C. increase by 32 cents D. decrease by 64 cents