Firms in perfectly competitive markets who wish to maximize profits ought to produce:
A. where marginal revenue equals market price.
B. as many units as their scale allows.
C. at capacity and plan to expand in the long run.
D. where total profit is the greatest.
D. where total profit is the greatest.
Economics
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Inflation reduces the average real income in the economy and redistributes purchasing power
a. True b. False
Economics
The US government sets the poverty line equal to approximately
a. three times the cost of providing subsidized housing. b. three times the cost of providing an adequate diet. c. the minimum wage for a single person working 40 hours per week and 50 weeks per year. d. the cost of providing food, shelter, and health care expenses for a family of four.
Economics