The demand curve that an individual competitive firm faces is known as its
A) excess demand curve.
B) market demand curve.
C) residual demand curve.
D) leftover demand curve.
C
You might also like to view...
From the beginning of the Great Recession in December 2007 until September 2013, the average duration of unemployment in the United States averaged
A) 13.5 weeks. B) 22 weeks. C) 31.3 weeks. D) 41 weeks.
Velocity is
a. Y/(M x P) and increases if dollars are exchanged less frequently. b. Y/(M x P) and increases if dollars are exchanged more frequently. c. (P x Y)/M and increases if dollars are exchanged less frequently. d. (P x Y)/M and increases if dollars are exchanged more frequently.
According to behavioral economists, the human brain frequently employs heuristics because:
A. people have consciously trained their brains to do so. B. these shortcuts minimize errors in decision making. C. they produce more optimal outcomes than do rational calculations of benefits and costs. D. they save energy and time in decision making.
Assume Robbie's Robots operates in a perfectly competitive market producing 3,000 robots per day. At this output level, the selling price is $800 per robot and the marginal cost is $800 per robot. To maximize profits, Robbie's Robots should
A. make no adjustments as they are already maximizing their profits. B. increase their output. C. decrease their output. D. stop producing since it is earning a loss.