To maximize profit, a perfectly competitive firm will produce where MR = MC, but a monopoly and a monopolistically competitive firm will produce where price = ATC

Olga owns her own business. Sven is an unpaid worker in his family's business. Who is included in the Bureau of Labor Statistics' "employed" category?

a. only Olga b. only Sven c. both Olga and Sven d. neither Olga nor Sven

Studying money and banking through five core principles is helpful because:

A. studies have shown students have a difficult time remembering more than five topics. B. money and banking can undergo drastic changes overtime, but the five principles do not. C. everything in economics can be reduced to five core principles. D. these five principles are understood by everyone.