Producing where marginal revenue equals marginal cost is equivalent to producing where
A) total revenue is equal to total cost. B) total profit is maximized.
C) average fixed cost is minimized. D) average total cost equals average revenue.
B
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During a contraction,
A) higher income tax revenues tend to automatically increase a budget deficit or reduce a budget surplus. B) higher income tax revenues tend to automatically increase a budget surplus or reduce a budget deficit. C) lower income tax revenues tend to automatically increase a budget deficit or reduce a budget surplus. D) lower income tax revenues tend to automatically increase a budget surplus or reduce a budget deficit.
By issuing checks, debit cards, and credit cards, banks:
a. increase the transaction costs in the economy. b. decrease the transaction costs in the economy. c. increase the liquidity of assets in the economy. d. decrease the liquidity of assets in the economy.