A profit-maximizing firm in the short run will expand output:
A. until total revenue equals total cost.
B. as long as marginal revenue is greater than marginal cost.
C. until marginal cost begins to rise.
D. until marginal cost equals average variable cost.
Answer: B
Economics
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If the CPI was 122.3 at the end of last year and 124.5 at the end of this year, the inflation rate over these two years was
A) 1.8 percent. B) 2.5 percent. C) 22.5 percent. D) 18.0 percent.
Economics
Lifetime income is distributed
A) less equally than annual income and less equally than measured wealth. B) less equally than annual income and more equally than measured wealth. C) more equally than annual income and less equally than measured wealth. D) more equally than annual income and more equally than measured wealth.
Economics