In the short run, if the marginal cost exceeds the marginal revenue, a perfectly competitive firm should:
a. raise the level of output to maximize profit.
b. keep the level of output constant.
c. raise the level of output to minimize loss.
d. reduce the level of output to minimize loss.
e. shut down.
d
Economics
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If net exports are positive, then
a. exports are greater than imports. b. net capital outflow is negative. c. Both of the above are correct. d. Neither of the above is correct.
Economics
Economists believe the Cost-Benefit Principle is:
A. a comprehensive description of all the factors that influence people's choices. B. an interesting intellectual exercise with little applicability to the real world. C. a simple but useful model of how people should make choices. D. of little use to those who wish to learn how to make better decisions.
Economics