Which of the following is true for a firm with a downward-sloping demand curve for its product?
A) Price equals average revenue but is greater than marginal revenue.
B) Price equals average revenue but is less than marginal revenue.
C) Price, average revenue, and marginal revenue are all different.
D) Price, average revenue, and marginal revenue are all equal.
A
You might also like to view...
Answer the next question based on the following price and output data over a five-year period for an economy that produces only one good. Assume that year 2 is the base year.YearUnits of OutputPrice per Unit18$22103315441855206If year 2 is the base year, then real GDP in year 5 is ________.
A. $90 B. $60 C. $30 D. $120
If demand for the finished good increases, the demand for the type of labor producing this good will also increase
Indicate whether the statement is true or false
Personal income equals disposable personal income plus:
A. personal income taxes. B. transfer payments. C. dividend payments D. personal savings.
Refer to the diagram. If this labor market is monopsonistic, the wage rate and level of employment respectively will be:
A. D and E.
B. C and F.
C. B and F.
D. A and F.