In a perfectly competitive industry, the firm's marginal revenue curve is
A. vertical.
B. downward sloping.
C. horizontal.
D. upward sloping.
Answer: C
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Since it is a centrally planned economy, China does not face opportunity costs when economic decisions are made.
Answer the following statement true (T) or false (F)
Studies show that the income elasticity of demand for wine is 5.03 and the income elasticity of demand for spirits is 1.21. This indicates that
A) wine is a luxury good and spirits are necessities. B) wine and spirits are luxury goods. C) wine is a luxury good and spirits are inferior goods. D) wine and spirits are highly price elastic.
Large current account deficits imply large financial account surpluses
Indicate whether the statement is true or false
According to the law of diminishing marginal utility, which of the following is likely to be true? a. Bruce enjoys his first slice of pizza more than his fifth
b. Steve enjoys his third slice of pizza more than his second. c. Tony enjoys his second slice of pizza as much as his fifth. d. Ethan enjoys two slices of pizza as much as one slice of pizza.