At $6 per steak, consumers are willing to buy two steaks. At a price of $2, consumers are willing to buy six steaks. The elasticity of the market demand curve between P = $6 and P = $2 (dropping all minus signs) is
a. 0.33.
b. 1.
c. 2.
d. 4.
b
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Which of the following is TRUE regarding the long run for a firm in monopolistic competition?
A) P = MC = ATC B) P = MC = MR C) ATC = MC = MR D) P = ATC
In the above figure, if the market is competitive and unregulated
A) more than the efficient amount of output will be produced. B) less than the efficient amount of output will be produced. C) the efficient amount of output will be produced. D) the distribution of income will be fair.
The price charged by a monopoly firm is the market price (demand curve) at which:
a. MR = MC, and usually P > MR and P > MC. b. the firm is just breaking even. c. the firm makes a normal profit. d. the firm can export its products.
________: program that makes a payment to a farmer if revenue for all crops or a county's revenue for a crop falls below 86% of a revenue benchmark
Fill in the blank(s) with correct word