The typical firm in the US economy
a. has some degree of market power.
b. sells its product for a price that is equal to the marginal cost of producing the last unit.
c. is perfectly competitive.
d. is a monopoly.
a
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When firms in an industry are selling similar products, and they agree to share the market,
A) each firm earns a profit even though marginal cost is greater than marginal revenue. B) each firm secures a net revenue about as large as it would have received if it were the only seller. C) they try to keep each firm's price above its marginal cost. D) they tend to produce higher prices and larger output. E) the agreement will enforce itself because none of the firms will have an interest in triggering a competitive struggle.
Marginal cost is ____________
a. The revenue from selling an additional unit of output b. none of the above c. The total cost of production d. The cost of producing an additional unit of output
The father of modern economics that wrote The Wealth of Nations is:
a. Karl Marx b. John Maynard Keynes c. Adam Smith d. Thorstein Veblen
Which of the following is an example of opportunity cost not measured by money cost?
a. the time spent eating a business lunch at a restaurant b. the time spent preparing a meal eaten at home c. the time spent studying to obtain an "A" in economics d. the time spent repairing a car in one's own garage e. All of the above are correct.