If a firm's managers inappropriately decide to operate where total revenue is maximized, they will continue to increase output
a. as long as marginal revenue exceeds marginal cost
b. as long as marginal cost exceeds marginal revenue
c. as long as the total revenue curve is above zero
d. as long as the marginal revenue curve is above the horizontal axis
e. until the total revenue curve intersects the total cost curve
D
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In response to an increase in technology, we would expect
a. both the short run and long run Phillips curve to shift to the right. b. both the short run and long run Phillips curve to shift to the left. c. the long run Phillips curve remains unchanged while the short run Phillips curve shifts to the right. d. the short run Phillips curve remains unchanged while the long run Phillips curve shifts to the right. e. none of the above.
If Irene can make either four chairs or one table in an hour and Greg can make either three chairs or two tables in an hour then
A) Irene has the absolute advantage in the production of chairs. B) Irene has the comparative advantage in the production of tables. C) Greg has the absolute advantage in the production of chairs. D) Greg has the comparative advantage in the production of chairs.