A profit-maximizing firm will always operate at that output at which _______ is equal to ________.
Fill in the blank(s) with the appropriate word(s).
MC; MR
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The Federal Reserve System is an
A. agency run by popularly elected officials. B. agency that is under the direction of the president. C. agency that is controlled by Congress. D. independent agency of government.
Which of the following might be a final good?
A) A box of Kellogg's corn flakes B) An iMac computer C) A U-Haul rental vehicle D) An economics textbook E) Any of the above might be, depending upon who is purchasing it.
Saltbricks will be considered as money if they are generally acceptable to sellers in exchange for goods and services
a. True b. False Indicate whether the statement is true or false
Under perfect competition the price of a depletable resource whose cost of extraction is not changing must rise at
a. the same rate as the increase in GDP. b. the same rate as the increase in consumer prices. c. the same rate as the rate of interest. d. a rate higher than the increase in the rate of interest.