For a firm that has passed the point where the law of
variable costs are decreasing
marginal product is decreasing
market price is decreasing
profit is decreasing
1 points
Question 2
Altered gross domestic product
Altered gross national product
Real gross domestic product
Gross domestic product
Question 3
savings accounts
certificates of deposit
IRA accounts
checking accounts
Question 4
elastic
inferior
substitutes
complements
Question 5
microeconomics
monetary
macroeconomics
fiscal
Question 6
opportunity cost
diminishing returns
economic profit
comparative advantage
Question 7
appoint its board members
charter national banks
regulate the supply of money in the United States so as to maintain a healthy economy
regulate the supply of money in the world to support capitalism
Question 8
producer's
market
command
planned
Question 9
create a monopoly
lead to an oligopoly
encourage monopolistic competition
encourage pure competition
Question 10
barriers to entry keep competing firms out of the market
high, long-run fixed costs drive economic profit to zero
a lack of barriers to entry leads to more firms entering the market, driving profit to zero
long-run economic profits greater than zero are illegal
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