Refer to Figure 13-3. What is the marginal revenue of the sixth unit of output?
A) $4 B) $5 C) $9 D) $54
A
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The citizens of a country often refuse to pay voluntarily for defense spending because ________
A) national defense is a common pool resource B) nobody can be excluded from being defended by the state C) all citizens do not derive equal satisfaction from national defense D) national defense is rival in consumption
A consumer will maximize utility, given income and prices, when the marginal rate of substitution is equal to the ratio of the prices of the two goods
Indicate whether the statement is true or false
If there is zero search cost, then in the presence of asymmetric information, competitive firms will
A) charge the monopoly price. B) charge the competitive price. C) charge zero price. D) shut down.
Refer to the given information. If the price of this bond increases to $1,250, the interest rate will:
Answer the question on the basis of the following information for a bond having no expiration date: bond price = $1,000; bond fixed annual interest payment = $100; bond annual interest rate = 10 percent. A. fall to 9 percent. B. fall to 8 percent. C. rise to 11 percent. D. rise to 12 percent.