The marginal revenue curve for a perfectly competitive firm is
A. horizontal.
B. vertical.
C. downward sloping.
D. upward sloping.
Answer: A
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Plot the demand for caviar given the following information on quantity consumed and total utility; then explain why caviar sells for such a high price. Quantity (in ounces) Total Utility (in dollars) 1 50 2753 884 95 599?
What will be an ideal response?
The U.S. economy experienced recessions in 1974–75, 1980–82, 1990–91, 2001, and 2007–09 that were each preceded or accompanied by a rise in the key input of
a. wages. b. food prices. c. oil prices. d. steel prices.
Government spending that shifts income from one group of society to another, such as price subsidies and cash payments, is known as
a. merit goods spending b. debt servicing c. transfer payments d. countercyclical payments e. social spending
In 2014, real GDP per person in Bangladesh was
a. about 3 times as high as it was in the U.S. in 1870. b. about twice as high as it was in the U.S. in 1870. c. about the same as it was in the U.S. in 1870. d. less than it was in the U.S. in 1870.