To maximize profit, a perfectly competitive firm
A) should sell the quantity of output determined by the interaction between industry demand and supply.
B) should produce the quantity of output that results in the greatest difference between marginal revenue and marginal cost.
C) should sell the quantity of output that results in a value for total revenue that is equal to total cost.
D) should produce the quantity of output that results in the greatest difference between total revenue and total cost.
D
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Based on these graphs, in both cases _____.
a. RGDP increases
b. RGDP decreases
c. price level increases
d. price level decreases
The velocity of money is:
A. money supply divided by prices. B. spending divided by output. C. required monetary reserves divided by income. D. nominal GDP divided by the money supply.