One part of a perfectly competitive trout farm's supply curve is its
A) marginal cost curve below the shutdown point.
B) entire marginal cost curve.
C) marginal cost curve above the shutdown point.
D) average variable cost curve above the shutdown point.
E) marginal revenue curve above the demand curve.
C
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Suppose Wrentham Gold Miners & Co chooses the quantity of gold each of its mines will produce over the next 12 months. Assuming the market price of gold remains constant over the period, identify the correct statement about the firm's total revenue. a. Total revenue will vary with the price charged by the firm
b. Total revenue will be maximized when market price is less than average variable cost. c. The total revenue curve of the firm will be U-shaped. d. Total revenue will vary with the quantity produced by the firm.
The benefit received from the continuance of an environmental good is called
a. user value c. existence value b. stewardship d. vicarious consumption
Pick the best answer using the economic way of thinking. If information is a scarce good, then ignorance might be
A) a sin. B) stupid. C) bliss. D) rational. E) inefficient.
When a country allows trade and becomes an exporter of goods both domestic consumers and domestic producers benefit
a. True b. False Indicate whether the statement is true or false