The total revenue of a perfectly competitive firm is calculated by
A) multiplying average revenue by price.
B) dividing price by quantity.
C) multiplying price by quantity.
D) multiplying quantity by average total cost.
C
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Figure 3-6
In Figure 3-6, assume this economy is currently operating at point D. What is the opportunity cost of moving to B?
A. About 200 bushels of wheat B. 200 bushels of soybeans C. Infinite, B cannot be produced at any cost. D. 0
When the minimum wage is raised, the ________ union labor ________
A) demand for; increases B) demand for; decreases C) supply of; increases D) supply of; decreases E) demand for; does not change
The "Big Mac index" was created by The Economist magazine to determine
A. how successful the McDonald's corporation has been around the world. B. the accuracy of exchange rates. C. whether or not the dollar was overvalued or undervalued. D. None of these statements are true.
Which of the following policy actions by the Fed would cause the money supply to increase?
a. An open market sale of government securities. b. An increase in required reserve ratios. c. An increase in the discount rate. d. An open-market purchase of government securities.