In perfect competition, marginal revenue always equals
A. total revenue.
B. price.
C. average cost.
D. marginal fixed cost.
Answer: B
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Based on the quantity equation, if Y = 3,000 . P = 3, and V = 4, then M =
a. $4,000. b. $2,250. c. $250. d. $36,000.
Economists understand that using statistical discrimination
A. is never rational. B. is always illegal. C. means some individuals are discouraged from acquiring skills. D. All of the above
Assuming fixed factor prices, the short-run industry supply curve for a perfectly competitive industry is equal to the sum of the
A) AVC curves above minimum AVC. B) ATC curves above minimum ATC. C) MC curves above minimum AVC. D) MC curves above minimum ATC.
Open market operations are
A. the Federal Reserve's purchase and sale of existing U.S. government securities. B. the procedures of applying for loans at commercial banks. C. the procedures for approving loans at commercial banks. D. steps a bank must complete before it can invest in stocks on the open market.