Suppose that in a competitive market the equilibrium price is $2.50 . What is marginal revenue for the last unit sold by the typical firm in this market?
a. less than $2.50
b. more than $2.50
c. exactly $2.50
d. The marginal revenue cannot be determined without knowing the actual quantity sold by the typical firm.
c
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If other factors remain unchanged, technological progress in producing good X definitely will lead to
A) an increase in the market clearing price of good X and a decrease in the equilibrium quantity of good X. B) an increase in both the market clearing price and the equilibrium quantity of good X. C) a decrease in the market clearing price of good X and an increase in the equilibrium quantity of good X. D) a decrease in both the market clearing price and the equilibrium quantity of good X.
Under the U.K. Bribery Act, facilitating payments ________ illegal and receipt of bribes ________ illegal.
A) is not; is not B) is not; is C) is; is D) is; is not
Prisoners Dilemma show
a. Rational choices lead to bad outcomes b. Rational choices lead to good outcomes c. That there are no ways to learn where the pitfalls lie d. None of the above
Refer to Figure 7-12 An increase in price from $30 to $35 would
a. increase total revenue by $250
b. decrease total revenue by $250.
c. increase total revenue by $500.
d. decrease total revenue by $500.