The figure above shows the marginal revenue and costs of a perfectly competitive firm. When the firm produces 170 units
A) marginal cost is less than marginal revenue.
B) marginal revenue equals marginal cost.
C) total revenue is less than total cost.
D) total revenue equals total cost.
B
Economics
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In order to avoid the imposition of other types of trade barriers, foreign producers will sometimes agree to limit their exports to a country. What are these types of agreements called?
A) involuntary export restraints B) sanctions C) implicit quotas D) voluntary export restraints
Economics
When the president says that "High inflation rates are a much more serious economic problem than high unemployment rates," it is an example of
A) a normative statement. B) an empirically proven fact. C) a positive statement. D) an irrational argument.
Economics