A firm's total revenue is equal to
a. total quantity produced times marginal cost.
b. total quantity produced times market price.
c. marginal revenue times total quantity produced.
d. market price divided by total quantity produced.
b
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Why might the money price for something be higher than the opportunity cost? Why might it be lower? Give an example of each to illustrate your answer.
What will be an ideal response?
The cost of inflation to society includes
A) unpredictable changes in the value of money. B) higher interest rates paid by borrowers. C) higher interest rates paid by the government on its debt. D) the lost spending when people do not have enough money.
A decrease in the nominal money supply would shift the:
A) aggregate demand curve rightward. B) aggregate demand curve leftward. C) aggregate supply curve rightward. D) aggregate supply curve leftward.
Which of the following statements is not true?
A. The United States government alters how resources are allocated in the economy by taxing, spending and issuing regulations. B. The price mechanism will work best if there are a limited number of firms in each industry. C. Lack of the provision of public goods is considered a market failure. D. Not everything produced by the public sector is a public good.