The economic functions of government differ from the political functions of government in that
A) the economic functions are carried out by the federal government, while the political functions are carried out by state and local governments.
B) the economic functions include policies that affect income redistribution, while the political functions involve things that affect the way exchange is carried out.
C) the economic functions involve things that affect the way exchange is carried out while the political functions include policies that affect income redistribution.
D) the economic functions are carried out by state and local governments, while the political functions are carried out by the federal government.
C) the economic functions involve things that affect the way exchange is carried out while the political functions include policies that affect income redistribution.
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The above figure illustrates a perfectly competitive firm. If the market price is $40 a unit, to maximize its profit (or minimize its loss) the firm should
A) shut down. B) produce more than 10 and less than 30 units. C) produce 30 units. D) produce more than 30 units and less than 40 units.. E) produce 40 units.
If the demand for widgets is inelastic, total revenue will ________ if the price of widgets increases.
a. increase b. decrease c. remain the same d. one cannot tell what will happen to revenues without specific elasticity numbers e. none of the above