The rate of unemployment when the economy is at its potential output is called the:

A profit maximizing single-price monopolist charges a price equal to

A) average total cost. B) marginal revenue. C) the highest price consumers are willing to pay for the profit maximizing quantity. D) the price necessary for the firm to earn a normal return on its investment.

A landscaper purchases a lawnmower, a rake, a truckload of gravel, and a chainsaw. Which of these four goods would most likely be considered as a commodity?

(A) A rake (B) A truckload of gravel (C) A chainsaw (D) A lawnmower