If a profit-maximizing firm finds that price exceeds average variable cost and marginal cost is greater than marginal revenue, it should:
a. reduce output, but continue producing in the short run.
b. increase output

The National Monetary Commission

A) was created by Congress to study the setting up of a central bank. B) authorizes open market operations. C) oversees nationally chartered banks. D) chooses Federal Reserve district bank presidents.

Suppose that the government places a price ceiling in the fish market, and that the ration coupons it issues are bought and sold on a ration coupon market before they are used to purchase fish. Then the

a. excess supply of fish will be eliminated b. price of fish set by the price ceiling would fall c. price of fish set by the price ceiling would rise d. price ceiling must have been too low e. purpose of that price ceiling would be defeated