A firm selling in a price-takers' market
A) can reduce its price without thereby lowering its marginal revenue.
B) can reduce its price without thereby lowering its total revenue.
C) faces a perfectly elastic demand curve.
D) has marginal costs equal to marginal revenue at all levels of output.
C
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The labor force is the
A) total population divided by the number of employed people. B) number of employed people plus the number of unemployed people. C) working-age population minus the number of unemployed people. D) number of employed people minus the number of unemployed people. E) number of employed people in the working-age population.
Bob inherits a large sum of money from his dead uncle's estate. Bob decides to retire young, so he quits his job and heads to the Bahamas. Bob is an example of
A) frictional unemployment. B) structural unemployment. C) cyclical unemployment. D) None of the above is correct.
An increase in the expected inflation rate causes the supply of bonds to ________ and the supply curve to shift to the ________, everything else held constant
A) increase; left B) increase; right C) decrease; left D) decrease; right
Historical demand curves are always suspect because their demand curves are likely to have shifted over time
a. True b. False Indicate whether the statement is true or false