Which of the following statements is FALSE?
A) Total income is always greater than total output.
B) In the circular flow model, households sell factor services to businesses in return for factor payments.
C) Businesses sell goods and services to households who use their income to pay for them.
D) The value of total income is equal in value to total output because profit is a cost of production.
A
Economics
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Market price is $50. The firm's marginal cost curve is given by MC = 10 + 2Q
a. Find the profit-maximizing output for the firm. b. At this output, is the firm making a profit? Explain your answer.
Economics