General equilibrium exists when all markets in an economy are simultaneously in equilibrium.
Answer the following statement true (T) or false (F)
True
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Dominant price leadership exists when
A) one firm drives the others out of the market. B) the dominant firm decides how much each of its competitors can sell. C) the dominant firm establishes the price at the quantity where its MR = MC, and permits all other firms to sell all they want to sell at that price. D) the dominant firm charges the lowest price in the industry.
Which is true?
A. Production functions consider only the value added part of a particular production process. B. Production functions count raw materials, but not labor, as inputs into the production process. C. Production functions do not count technology into the production process. D. Production functions are as subjective as utility functions.
If a supplier faces a perfectly horizontal demand curve and sets his price slightly higher than the demand curve itself, he can expect:
A. no change in his total revenues. B. everyone to begin buying his product. C. a complete loss of revenues. D. a new demand curve.
Table 21.4Output (Units per Day)Total Cost (Dollars per Day)016130242358478The marginal cost of the fourth unit of output in Table 21.4 is
A. $20.00. B. $16.00. C. $4.00. D. $19.50.