If a firm sells 200 units of output at $15 per unit and 210 units of output when price is reduced to $14, its marginal revenue from selling the last unit is
A) $60.
B) $210.
C) $294.
D) -$60.
Answer: D
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In a monopoly, price is less than minimum average total cost.
Answer the following statement true (T) or false (F)
The above figure shows the cost curves for a competitive firm. The firm will shut down in the short run if price falls below
A) $5. B) $10. C) $11. D) $15.
If both buyers and sellers expect the price of a commodity to rise in the future, it is likely that the market clearing price ________ and the equilibrium quantity ________
A) will fall, cannot be predicted B) will rise, cannot be predicted C) cannot be predicted, will fall D) cannot be predicted, will rise
When considering the impact of institutions and policies on economic performance, it is most important to focus on
a. long-term economic growth. b. short-term economic growth. c. business cycle fluctuations. d. the labor force participation rate of married women.