What is not true about interest income derived from loanable funds? It
a. is considered to be the profit due to an entrepreneur
b. originates in theft of property, according to Marxists
c. is the reward for an earlier decision to postpone consumption
d. is justified because savers have property rights to their savings and are entitled to the rewards they generate
e. is paid in the loanable funds market
A
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To maximize its profit, a single-price monopoly produces the amount of output so that its marginal revenue
A) equals zero. B) equals its marginal cost. C) exceeds its marginal cost but not necessarily by as much as possible. D) is less than its marginal cost. E) exceeds its marginal cost by as much as possible.
All of the following conditions, except one, are satisfied when a perfectly competitive market is in short-run equilibrium. Which is the exception?
a. No firm is suffering an economic loss. b. Each buyer purchases the quantity he wants at the market price. c. Each seller produces the quantity she wants at the market price. d. Suppliers want to sell the same quantity that buyers want to purchase. e. The market coordinates the independent decisions of all the participants.