Which of the following is correct? i. U.S. total surplus decreases when the United States exports a good. ii. U.S. total surplus decreases when the United States imports a good. iii. U.S
total surplus increases when the United States imports a good and when it exports a good. A) i only
B) iii only
C) i and ii
D) ii only
E) None of the above because the U.S. total surplus does not change as a result of trade
B
Economics
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Economic profits are:
A) Total revenue minus total cost B) Marginal revenue minus marginal cost C) Total revenue minus total opportunity cost D) Total profits of the economy as a whole
Economics
If your firm is producing a good at a level where marginal revenue equals marginal cost, and price is greater than average total cost, your firm:
A. should shut down and suffer a loss equal to your fixed costs. B. is earning an economic profit greater than zero. C. should decrease output. D. should increase output.
Economics