The figure above portrays a total revenue curve for a perfectly competitive firm. The price of the product in this industry
A) equals $0.50.
B) equals $1.00.
C) equals $2.00.
D) cannot be determined.
C
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Which of the following is NOT related to the government's political function of income redistribution?
A) providing money transfer payments B) excise tax on gasoline C) Social Security D) in-kind transfers
If the income elasticity of demand of houses is exactly 1.40 . Due to a recession, you expect incomes to drop by 25% next year. How will consumers adjust their purchase for houses?
a. Buy 35% more houses b. Buy 35% less houses c. Buy 25% more houses d. Buy 25% less houses
In a perfectly competitive market, the equilibrium price
a. is determined by all the buyers in the market but no single buyer is able to influence it b. is determined by all the sellers in the market but no single seller is able to influence it c. adjusts until the quantity supplied by all sellers is equal to the quantity demanded by all buyers d. is not influenced by the cost structure of the firms in the market e. is not influenced by the preferences of the consumers in the market
A reduction in the demand for labor will cause wages to:
A. decrease and employment to increase. B. increase and employment to decrease. C. decrease and employment to decrease. D. increase and employment to increase.