The international organization most responsible for rising prices during the 1970s was
a. the WTO.
b. OPEC.
c. the CIA.
d. the World Bank.
e. the Trilateral Commission.
b
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The diamond-water paradox of value can be explained by
A) distinguishing between total utility and marginal utility. B) water's high level of utility relative to diamonds. C) water's low price relative to diamonds. D) the fact that utility cannot be measured.
Assume a perfectly competitive firm is producing 300 units of output, P = $10, ATC of the 300th unit is $11, marginal cost of the 300th unit = $10, and AVC of the 300th unit = $9. Based on this information, the firm is:
A) earning an economic profit of $300. B) earning an economic profit of $600. C) incurring a loss of $300 and should shut down. D) incurring a loss of $300, but should continue to operate in the short run.