At the equilibrium point in a perfectly competitive industry, the total surplus (the sum of the consumer surplus and producer surplus) will be at its maximum.
Answer the following statement true (T) or false (F)
True
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For a competitive firm
A) price is equal to marginal revenue. B) price is less than marginal revenue. C) demand is less than marginal revenue. D) demand is less than average revenue but equal to marginal revenue.
Which of the following cases represent the smallest increase in the real national debt?
a. The price level increases by 200 percent and the nominal debt increases by 200 percent. b. The price level increases by 200 percent and the nominal debt increases by 100 percent. c. The price level increases by 200 percent and the nominal debt increases by 500 percent. d. The price level increases by 100 percent and the nominal debt increases by 300 percent. e. None of the above
The poorest 20 percent of the world's population receive what percentage of world income?
A. Less than 2 percent B. About 4 percent C. Around 8 percent D. Close to 10 percent
Decreases in the real interest rate will result in a(n):
A. decrease in net exports because it will lead to an appreciation of the dollar. B. decrease in net exports because it will lead to a depreciation of the dollar. C. increase in net exports because it will lead to an appreciation of the dollar. D. increase in net exports because it will lead to a depreciation of the dollar.