Philosophical foundations of the European model were provided by:
a. Adam Smith
b. David Ricardo
c. The theory of social market economy
d. Mercantilism
e. Both c and d
E
Economics
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When average variable cost is at its minimum level, marginal product _________
A. equals average product B. exceeds average product C. is less than average product D. is at its maximum level
Economics
Which of the following statements about profit maximizing firms in a competitive market is FALSE?
A) Firms earn no economic profit in the long run. B) Marginal revenue does not have to equal marginal cost. C) p - MC = 0. D) Price equals marginal revenue.
Economics