Hi Phi Sound Unlimited has a monopoly over the installation of surround sound systems. If Hi Phi Unlimited's total revenue from installing 15 sound systems is $30,000 and its total revenue from installing 18 sound systems is $33,000, what is the marginal revenue of the eighteenth sound system?
A. -$3,000
B. $1,000
C. $1,500
D. $3,000
Answer: B
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Unlike other business organizations, corporations are distinct entities that can continue operations even if the people who began that business are no longer around.
Answer the following statement true (T) or false (F)
Which of the following is true of the banks that operate under Islamic law?
a. Islamic banks are not allowed to lend out to private firms. b. Islamic banks do not function as intermediaries between borrowers and lenders. c. Islamic Banks are not allowed to offer checking accounts or traveler's checks. d. Islamic banks are required to offer trade-related services free of cost. e. Islamic banks do not charge interest on loans or pay interest on deposits.
When a country experiences high inflation and unemployment simultaneously, which of the following problems should be addressed first?
a. High price level b. High unemployment c. Low aggregate demand d. Low aggregate supply
The firm’s demand curve is horizontal no matter what its output is because it ______.
a. can influence the market price determined mostly by the low market output
b. must accept the market price determined by the intersection of the market supply and demand curve
c. can influence the market price determined by the intersection of the market supply and demand curve
d. must accept the market price determined mostly by the high market output