Utility is measured in units known as ______.
a. incomes
b. increases
c. margins
d. utils
d. utils
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The quantity which a firm will supply in the short run
a. can be read from its average cost curve. b. can be read from its average variable cost curve. c. can be read from the firm's marginal cost curve above average variable cost. d. is always zero above minimum average variable cost.
Firms in Saudi Arabia sell oil to the U.S. Other things the same, these oil sales
a. increase Saudi net exports and net capital outflow. b. decrease Saudi net exports and net capital outflow. c. increase Saudi net exports and decrease Saudi net capital outflow. d. decrease Saudi net exports and increase Saudi net capital outflow.
A seller's reservation price is generally equal to:
A. the seller's marginal cost. B. the buyer's reservation price. C. the market price. D. the seller's average cost.
When a market consists of a few large firms and barriers to entry exist, it:
A. must be monopolistically competitive. B. is likely an oligopoly. C. is likely a monopoly. D. must be perfectly competitive.