If private savings equals $1.2 billion and private investment equals $1.5 billion, then there is a
A) current account balance.
B) government sector deficit.
C) private sector deficit.
D) private sector surplus.
E) government sector surplus.
C
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Which of the following is unique to perfect competition?
a. The individual firm cannot earn economic profit in the long run. b. It is easy for new firms to enter the industry. c. The market demand curve slopes downward. d. The demand curve facing an individual firm is perfectly elastic. e. The firms in the industry produce a homogeneous product.
If the market price is $4 and a perfectly competitive firm is producing 3,200 units and the marginal cost to produce the 3,200th unit is $3.88, which of the following is true?
A) The difference between marginal revenue and marginal cost (MR - MC) for the 3,200th unit is negative. B) The firm should increase production to maximize profit. C) The firm is maximizing profit. D) The firm should decrease production to maximize profit.