An increase in Social Security payments to retired persons has what effect on equilibrium income?
a. GDP will fall.
b. GDP will rise.
c. GDP will remain the same.
d. GDP will fall by less than the increase in payments.
b
Economics
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In the above figure, if the market price is $8, the firm
A) continues to produce but at an economic loss. B) continues to produce but at an economic profit. C) shuts down operations. D) produces 10 units.
Economics
If at an output of 10 units a monopolist is earning a positive profit, marginal revenue is $6, and marginal cost is $4, then the monopolist:
a. is in equilibrium. b. should increase output. c. should reduce output. d. should lower the price at the current output level. e. should raise the price at the current output level.
Economics