Marginal product equals 0 when:
A) average product equals zero.
B) total product equals average product.
C) average product reached its minimum value.
D) total product reaches its maximum value.
D
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If a natural monopoly is told to set price equal to average cost, then the firm
A) is not able to set marginal revenue equal to marginal cost. B) automatically also sets price equal to marginal cost. C) will make a substantial economic profit. D) will incur an economic loss. E) sets a price that is lower than its marginal cost.
The circular-flow diagram illustrates that:
A) production generates income so that income and production are the same. B) the economy's income is less than its production. C) the economy's income is exceeds its production. D) none of the above are necessarily correct.