In every economic system, scarcity imposes limitations on
a. households, business firms, governments, and the nation as a whole
b. households and business firms, but not the governments
c. local and state governments, but not the federal government
d. households and governments, but not business firms
e. business firms, governments, and the nation as a whole
A
Economics
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Which of the following is ALWAYS true when a single-price monopolist maximizes its profit?
A) P = MC B) P = MR C) MR = MC D) MC = ATC E) P > ATC
Economics
Refer to Table 12-1. Suppose the fixed cost of production rises by $500 and the price per unit is still $8. What happens to the firm's profit-maximizing output level?
A) It must rise to offset the increased cost. B) It must fall. C) The firm will shut down. D) It will remain the same.
Economics