Suppose a firm finds it is better off operating than shutting down in the short run. What is true at the quantity at which marginal cost equals marginal revenue?

When profits are the result of pure luck, they can be distinguished from profits attributable to correct predictions by

A) asking the people who profited. B) finding out whether the profits were earned through effort. C) no known empirical criteria. D) whether or not they were generally anticipated.

In the small closed economy of San Lorena, the currency is the denar. Statistics for last year show that private saving was 60 billion denars, taxes were 80 billion denars, government purchases of goods and services were 70 billion denars, there were no transfer payments by the government, and GDP was 400 billion denars. What were consumption and investment in San Lorena?

a. 270 billion denars, 50 billion denars b. 250 billion denars, 60 billion denars c. 260 billion denars, 70 billion denars d. None of the above is correct.