According to chapter 1 in your textbook,
A) all economists approach questions with some preconceptions or prejudices.
B) economists (and others) ought to approach all questions with a completely open mind, though they often do not.
C) economists approach questions with more of an open mind than do most other social scientists.
D) most economists approach questions with a completely open mind.
E) most economists derive their conclusions from their political preferences.
A
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How did the federal funds rate compare to that suggested by Taylor's rule following the 2001 recession and during the Financial Crisis of 2007-2009? How would proponents of Taylor's rule evaluate monetary policy in each period
What will be an ideal response?
Assume that a firm's marginal revenue curve intersects the rising portion of the marginal cost curve at 100 units of output. At this output level, a profit-maximizing firm's total cost is $1,000 . If the price of the product is $3 per unit and the firm produces at the profit-maximizing level, the firm will earn an economic profit equal to:
a. -$1,000. b. -$700. c. -$400. d. -$600. e. $200.