If the demand curve for a firm's output is P=200-10Q, the total revenue curve will be
A. TR=200Q-200Q2.
B. TR=10P*Q.
C. TR=200Q-10Q2.
D. TR=200-2Q.
Answer: C
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If fewer families choose to purchase medical insurance because of rising health insurance premiums, then:
A. the frequency of illness in the general population will fall. B. those who remain insured will tend to spend less on health care. C. those who remain insured will tend to have lower-than-average rates of illness. D. those who remain insured will tend to have higher-than-average rates of illness.
Developing countries have often attempted to establish cartels so as to counter the actual or perceived inexorable downward push on the prices of their exported commodities. OPEC is the best well known of these
How are such cartels expected to help the developing countries? At times importing countries profess support for such schemes. Can you think of any logical basis for such support? How are cartels like monopolies, and how are they different from monopolies. Why is there a presupposition among economists that such schemes are not likely to succeed in the long run?
Based on the Saving-Investment Diagram, if the world real interest rate declines from A to C, then the change in net exports is measured by the difference between values ________
A) G and E B) H and G plus E and D C) H and G minus E and D D) G and F plus F and E E) none of the above
Oligopoly is characterized by:
A. few sellers. B. no barriers to entry. C. inability to set price. D. low market concentration.