When a certain competitive firm produces and sells 40 units of output, its total revenue is $740 . If there is no change in price, then what is the amount of the firm's total revenue if it produces and sells 45 units of output?
At 45 units of output the firm's total revenue amounts to ($18.50)(45) = $832.50.
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During a recession, cyclical unemployment ________ and real GDP ________
A) increases; increases B) increases; decreases C) decreases; decreases D) decreases; increases E) does not change; decreases
When the price of popcorn falls, before there is any change in consumption, the
A) marginal utility of popcorn definitely increases. B) marginal utility per dollar from popcorn definitely increases. C) total expenditure on popcorn definitely rises. D) entire total utility of popcorn curve definitely shifts rightward.
Which of the following situations is clearly and unambiguously descriptive of a positive externality?
A. Jack feels better after his daily walk. B. Joriel studies harder than anyone in his class. C. Professor Gomez gave an unannounced quiz to her history class yesterday. D. The President of the United States yesterday signed a legislative act that is very popular in the country. E. none of the above
In April 2010 the market share of the top six U.S. makers of cars and light trucks were General Motors (18.7%), Ford (17.0%), Toyota (16.0%), Honda (11.6%), Chrysler (9.7%), Nissan (6.5%) and other companies (21.5%). What would the concentration ratio be for the motor vehicle industry?
A. 35.7 B. 63.3 C. 78.5 D. 100