Potential GDP refers to the quantity of output that an economy can produce with full employment of its labor and physical capital

Firms in monopolistic competition determine the profit-maximizing level of output by producing

A) the same output level as rivals do. B) where average total cost is minimized. C) at the point of minimum average fixed cost. D) where marginal revenue equals marginal cost. E) where price equals average total cost.

Tom, a government employee, has a defined benefit pension.He has worked for his employer for 35 years before retiring at age 65.His final salary was $85,000

Calculate how much of his final preretirement income a standard defined benefit pension plan would replace.