Both monopolistically competitive firms and perfectly competitive firms maximize profits
A) by producing where price equals average total cost.
B) by producing where price equals average variable cost.
C) by producing where marginal revenue equals marginal cost.
D) by producing where marginal revenue equals average revenue.
C
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Use the figure above to answer this question. At a price level of 110
A) real GDP is greater than the aggregate quantity demanded and firms will cut production. B) real GDP is less than the aggregate quantity demanded and firms will increase production. C) inventories will decrease. D) real GDP less than the aggregate quantity demanded and firms will increase prices.
In colonial America, work
(a) was required, at least for the lower classes, even for whites not bound in servitude. (b) was required of all classes, wealthy or poor, slaves or free. (c) was the decision of the individual, like it is today, except for slaves and indentured servants. (d) was thought to be for the "colored" races, with white folks exploiting their labor.