When economists talk about growth in the economy, they measure that growth as the
a. absolute change in nominal GDP from one period to another.
b. percentage change in nominal GDP from one period to another.
c. absolute change in real GDP from one period to another.
d. percentage change in real GDP from one period to another.
d
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Consumer equilibrium is a condition in which total utility cannot increase by spending more of a given budget on one good and spending ____ on another good
a. an equal amount b. more c. less d. zero
Under what condition are profits maximized?
A) at the rate of output at which marginal revenue equals marginal cost B) at the output rate where marginal cost is greater than marginal revenue C) at the point at which the difference between total revenues and total costs is negative D) at the point at which the difference between price and quantity demanded is greatest