Which of the following is TRUE for a monopolistically competitive firm?
A) MR = P
B) MR > P
C) MR < P
D) MR = AFC
Answer: C
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Recall the Application about running a software programming business to answer the following question(s).If by starting your own software development business you are forced give up your job as a janitor, then the income you could have earned as a janitor is:
A. part of the opportunity cost of operating your software business. B. not part of the opportunity cost of operating your software business. C. part of the benefit of operating your software business. D. is an example of the principle of diminishing returns.
Recall the Application about allegations that the makers of branded drugs made deals with generic drug makers once the patents expired on branded drugs to answer the following question(s).Recall the Application. When a patent ends and generic drugs are introduced, there is downward pressure on price. Therefore, the makers of the brand name drug will:
A. raise their price. B. abandon the product. C. claim the generic is not as good as the patent version of the drug. D. price discriminate.
A stock market boom leads to greater investment by firms.
Answer the following statement true (T) or false (F)
Which of the following countries had the highest per capita income in 2010?
A. China B. United States C. Japan D. Germany