In a perfectly competitive market, the market price is $23. At the current level of output, a firm has a marginal cost of $28. What should the firm do?
A) produce a larger output to make more profit
B) nothing, it is currently maximizing profit
C) produce less output to make more profit
D) shut down
E) raise the price of its product
C
Economics
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If market demand decreases and market supply increases, then equilibrium quantity will (be) ____ and equilibrium price will (be) ____
a. indeterminate; decrease b. indeterminate; increase c. decrease; indeterminate d. increase; indeterminate
Economics
If the amount of money in circulation is $50 million and nominal GDP is $150 million, then the velocity of money is: a. 0.33
b. 2. c. 3. d. impossible to determine from the information provided.
Economics