When the Pilgrims first arrived in North America, they established communal ownership of all pastures and of all agricultural production. As is common with communal ownership, this communal ownership by the Pilgrims resulted in
A) underproduction and underconsumption.
B) underproduction and overconsumption.
C) overproduction and underconsumption.
D) overproduction and overconsumption.
B
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Under purchasing power parity (PPP), if U.S. monetary growth leads to a long run doubling of the U.S. price level, while Germany's price level remains constant, PPP predicts that the
A) long-run DM price of the dollar will be doubled. B) long-run DM price of the dollar will be halved. C) long-run DM price of the dollar will remain the same. D) short-run DM price of the dollar will be halved. E) short-run DM price of the dollar will be doubled.
You're called in as a consultant: Price is $24 . At a production level of 200 units, MC = MR, AFC = $6, and AVC = $16 . What do you advise this firm to do?
a. Increase output. b. Decrease output. c. Shut down operations. d. Stay at 200 units; the firm is earning $400 profit. e. Stay at 200 units; the firm is minimizing losses of $200.