An industry's output is produced at the lowest possible cost when
a. firms' marginal costs are equal.
b. firms minimize their average costs.
c. all firms earn the same profit.
d. output is evenly divided among the industry's firms.
a. firms' marginal costs are equal.
Economics
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Refer to Figure 9.8. In order to eliminate international trade in sugar altogether, this country would have to impose a tariff of
A) $25. B) $50. C) $75. D) $150. E) $175.
Economics
Real GDP differs from nominal GDP in that nominal GDP measures
a. output adjusted for inflation. b. real output of goods and services. c. output of goods and services at current prices. d. real income adjusted for changes in the price level.
Economics