Marginal revenue for a perfectly competitive firm equals:
a. the addition to total cost from producing one more unit of output.
b. average revenue at all levels of output
c. marginal cost at all levels of output.
d. average total cost at all levels of output.
b
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In Figure 3-2, at point B
A. it is impossible to increase production of consumer goods. B. it is impossible to increase production of capital goods. C. it is possible to increase production of both capital goods and consumer goods simultaneously. D. it is impossible to increase production of both capital goods and consumer goods simultaneously.
The degree to which monetary forces are the cause of aggregate demand instability is the major controversy between
a. classicists and Keynesians. b. monetarists and new classical economists. c. real business cycle theorists and classicists. d. monetarists and Keynesians. e. None of the above
A consensus view among economists regarding the possibility of labor-market discrimination is that
a. most wage differences among groups are attributable to discrimination. b. many employers use compensating differentials to hide discriminatory practices. c. wage differences among groups are not sufficient by themselves to determine how much discrimination there is. d. all wage differences among groups are attributable to differences in human capital and compensating differentials.
a nation is going to achieve and sustain a high rate of economic growth, it must
What will be an ideal response?