Refer to Figure 12-6. Jason is currently producing 20 thousand pounds of apples. To maximize his profit Jason should
A) keep production at 20 thousand pounds.
B) increase production to the output rate indicated by point d.
C) decrease production to the output rate indicated by point a.
D) increase production to the output rate indicated by point e.
B
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The Fed conducts reverse repurchase agreements with:
A. banks only. B. the federal government only. C. banks and financial institutions other than banks. D. only financial institutions that are not banks, such as the federal government.
Which of the following statements about perfectly competitive markets is not correct?
a. In the short run, firms can earn economic profits or suffer economic losses. b. The market demand curve is downward sloping. c. The demand curve facing an individual firm is perfectly elastic. d. In the long run, firms can earn economic profits or suffer economic losses. e. In the long run, firms can enter or exit the market.