The quantity where TR-TC is the greatest is also the quantity where
A. TC is minimized.
B. TC and TR have the same slope.
C. TR is maximized.
D. TC=TR.
Answer: B
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Air fares are generally lower on Tuesdays and Wednesdays each week. What is a likely explanation for this occurrence?
A. Supply is relatively variable, and lower demand on these days leads to a lower equilibrium price. B. Demand is relatively variable, and lower supply leads to a lower equilibrium price. C. Lower levels of both supply and demand on these days lead to a lower equilibrium price. D. Supply is relatively fixed, and lower demand on these days leads to a lower equilibrium price. E. Demand is relatively fixed, and lower supply leads to a lower equilibrium price.
A market structure in which a small number of firms compete is called
A) perfect competition. B) monopolistic competition. C) oligopoly. D) monopoly.
Which firm in Figure 26.5 is using marginal cost pricing?
A. Firm C only. B. Firms B and D only. C. Firm B only. D. All of the firms are using marginal cost pricing.
Keynesians identify three principal motives for demanding money. They are the:
a. transactions demand, precautionary demand, and liquidity motive. b. transactions demand, precautionary demand, and convertibility motive. c. transactions demand, speculative demand, and volatility motive. d. transactions demand, speculative demand, and liquidity motive. e. transactions demand, speculative demand, and precautionary demand.