Consider the perfectly competitive firm in the above figure. The profit maximizing level of output for the firm is equal to

Suppose somebody made the following statement: "There will never be a substitute for Howard Stern, the radio shock-jock." According to the economic way of thinking, the above statement

A) is essentially true. B) is misleading because cloning already exists and it is a matter of time before people will be cloned. C) is incorrect because many people choose to listen to other programs as the perceived costs of listening to Howard Stern change. D) is essentially false because Howard Stern provides nothing of value to society.

Government involvement has become so prevalent in the U.S. economy that the U.S. economy is now generally considered to be a socialist economy

a. True b. False Indicate whether the statement is true or false