The profit-maximizing firm will be earning a total revenue of about

Consider a firm in the short run. Average product is at its maximum when

A) average product equals marginal product and marginal product is falling. B) marginal product is maximized. C) the maximum quantity of the variable input is employed. D) diminishing returns cease to operate. E) total product is maximized.

The largest expenditure component of U.S. GDP is:

A. consumption. B. investment. C. exports. D. government purchases.