In the perfectly competitive market, individual firms exert no effect on the market price. Therefore, the firm's marginal revenue curve is:
a. indeterminate.
b. an upward-sloping curve.
c. a downward-sloping curve.
d. the same as the firm's demand curve.
d
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Credit cards are NOT a part of the M1 or M2 money supply
Indicate whether the statement is true or false
Adam Smith argued that each person in a competitive market is led to promote the
A) efficient use of society's resources, because each person's intention is to make society better off. B) efficient use of society's resources, even though it is no person's intention to make society better off. C) inefficient use of society's resources, even though each person's intention is to make society better off. D) inefficient use of society's resources, because it is no person's intention to make society better off.
For any given family of indifference curves, a consumer would prefer to be at a point:
A. on the indifference curve that is closest to the origin. B. that is far to the right on an indifference curve. C. that is far to the left on an indifference curve. D. on the indifference curve that is farthest from the origin.
Refer to the information provided in Figure 14.1 below to answer the question(s) that follow.
Figure 14.1Refer to Figure 14.1. Four firms that produce chewing gum form a cartel. The cartel faces the market demand curve given by D. At the profit-maximizing output, the profit on each pack of gum is
A. $0.04. B. $0.09. C. $0.15. D. $0.25.