Kevin owns a personal training gymnasium in Orlando. The above figure shows the demand and cost curves for his firm, which competes in a monopolistically competitive market
If Kevin trains 5 clients per day, he will ________ his profit and will ________. A) maximize; earn normal profit
B) not maximize; earn a normal profit anyway
C) maximize; earn an economic profit
D) not maximize; earn an economic profit anyway
E) not maximize; incur an economic loss
D
Economics
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________ describes the relationship between consumption spending and disposable income
A) The liquidity trap B) The consumption function C) Household wealth D) The paradox of thrift
Economics
Macroeconomic models use abstract concepts such as "price level" and "national income" that are calculated by combining many markets into one. This process is known as
a. analysis and synthesis. b. integration and derivation. c. conceptualization. d. aggregation.
Economics