In a graph with output on the horizontal axis and total revenue on the vertical axis, what is the shape of the total revenue curve for a perfectly competitive seller?
A) U-shaped
B) inverted U-shaped
C) a horizontal line
D) a ray from the origin
Answer: D
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The paradox of American farming is
A) food has become cheaper and more abundant as the number of farms has decreased. B) the demand for imported luxury food products has risen as the demand for domestic food products has fallen. C) the demand for food has risen as the number of people who pursue farming as a career has fallen. D) the amount of food produced has increased as the average farm size has fallen.
According to Figure 6.1, the period from 1996 to 2011 is particularly remarkable for the rapid growth of ________
A) productivity B) labor input C) output D) capital input
The market demand curve represents the total quantity demanded at each price
a. True b. False Indicate whether the statement is true or false
If ink and cartridge are consumed in specific proportion, the indifference curve for ink and cartridge is likely to be _____
a. a straight line b. downward sloping c. L-shaped d. U-shaped