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1. When marginal revenue is greater than price the firm's profit is always positive.
True
False
2. When an increase in the quantity results in a reduction in profit marginal cost is greater than marginal revenue.
3. When wage is greater than marginal revenue hiring an additional unit of labor will result in a reduction in profit or an increase in loss.
4. A profit-maximizing firm should keep on hiring labor as long as the marginal revenue product of labor is greater than wage.
5. Generally, to maximize profit is to minimize cost.
The equilibrium price of coffee mugs rose sharply last month, but the equilibrium quantity was the same as ever.
Why did Jackson and his followers insist on the removal of Indians from the Southeast (and places like soutwest Georgia)? What kind of society replaced that of the Creeks, Choctaw, Tuskegee, Seminole, and Apalachee?
Suppose you discover that average fixed costs are $2 and average variable costs are $7. Indicate what the firm should do.
An In the News article is titled "Where Do Start-ups Get Their Money?" Venture capital is important to an economy because it
After learning the basic estimation techniques in CH 4, which of the following regression models will you choose to explore how population and income determine the demand on pizza and estimate the “constant” income elasticity of demand on pizza?
Mar ´ia lives in the beautiful country of Inflationlandia. She earns 30 million pesos a month. She only consumes hamburgers and buns. The price of a dozen hamburgers is 2 million pesos and the price of a dozen buns is 1 million pesos. Graph her budge..
The economy has recently turned around, and one of your colleagues suggests that you could hire 25 people for $50,000 per employee to do the sales job as independent agents at a cost of goods sold (COGS) of only 0.5%. What concerns might you have abo..
Suppose that Michelle buys a cappuccino from Paul\'s Cafe and Bakery for $6.25. Michelle was willing to pay up to $8.75 for the cappuccino and Paul\'s Cafe and Bakery was willing to accept $2.25 for the cappuccino. Producer surplus is the difference ..
Firms that can identify two types of consumers can price-discriminate perfectly. Firms can price-discriminate only if there is zero competition in the market. Firms that price-discriminate will not reach higher profits.
Calculate the net cash flows for the year 0 and the years 1 thru 6. What is the NPV of the project? What is the modified internal rate of return for this project?
In perfect competition if firms produce where P=MC they ensure ________ because the social benefits of production as measured by the price that people are willing to pay, are in balance with the ________ to society of that production.
The variable frequency drive (VFD) for a 290 hp motor costs $19100. How much will the drive for a 115 hp motor cost if the cost-capacity exponent is 0.642?
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