If marginal revenue is greater than marginal cost, the firm should
A. raise price.
B. raise marginal revenue.
C. decrease its rate of output.
D. increase its rate of output.
Answer: D
Economics
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In the long run, the beneficiaries of farm price supports are
a. tenant farmers b. consumers c. taxpayers d. milk drinkers e. early owners of specialized resources
Economics
Suppose that a worker in Country A can make either 10 iPods or 5 tablets each year. Country A has 100 workers. Suppose a worker in Country B can make either 2 iPods or 10 tablets each year. Country B has 200 workers. A bundle of goods that Country A could potentially make would be:
A. (500 iPods, 500 tablets). B. (500 iPods, 400 tablets). C. (500 iPods, 300 tablets). D. (500 iPods, 200 tablets).
Economics