In the final two decades of the twentieth century, average per capita global income
A) decreased by approximately 6 percent. B) increased by approximately 35 percent.
C) increased by more than 75 percent. D) remained relatively unchanged.
B
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To maximize profit, a perfectly competitive firm
A) should sell the quantity of output determined by the interaction between industry demand and supply. B) should produce the quantity of output that results in the greatest difference between marginal revenue and marginal cost. C) should sell the quantity of output that results in a value for total revenue that is equal to total cost. D) should produce the quantity of output that results in the greatest difference between total revenue and total cost.
If price is greater than average variable cost, then the firm
a. should cease production b. earns economic profits c. just breaks even d. makes an economic loss e. may make either an economic profit or loss