In order to maximize profits, a firm should produce the level of output at which total revenue is maximized
a. True
b. False
Indicate whether the statement is true or false
False
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Between 2015 and 2016, the CPI of a small nation rose from 182 to 185. If household incomes rose by 3% during that period of time, which of the following is true?
A) The purchasing power of household income remained constant between 2015 and 2016. B) The purchasing power of household income rose between 2015 and 2016. C) The purchasing power of household income fell between 2015 and 2016. D) The CPI cannot be used to determine how the purchasing power of household income changes over time.
Which statement is true?
A. College graduates earn much more than high school graduates mainly because of what they learn in college. B. The bulk of all property income goes to the middle class. C. Most government transfer payments go to the poor. D. The bulk of all property income goes to the rich.