A. costs are minimized
B. revenue is maximized
C. average cost is less than average revenue
D. marginal cost equals marginal revenue
A. many buyers and sellers
B. a standard product
C. free entry and exit
D. perfect information
E. all of the above
A. the price level and the unemployment rate
B. the inflation rate and the unemployment rate
C. the level of aggregate output and the price level
D. the inflation rate and the level of aggregate demand
A. Adam Smith
B. David Ricardo
C. Malthus
D. J. M. Keynes
philosopher Adam Smith published An Inquiry into the Nature and Causes of the Wealth of Nations. There was, of course, economics before Smith: the Greeks made significant contributions, as did the medieval scholastics, and from the 15th to the 18th century an enormous amount of pamphlet literature discussed and
A. Increase in the amount of circulating money
B. Lowering of purchasing power
C. Decrease in the amount of circulation money
D. None of the above
A. Iran
B. Tanzania
C. Norway
D. Russia
A. rival but not excludable
B. not rival but excludable
C. both rival excludable
D. neither rival nor excludable