What is the profit-maximizing rule for a monopolistically competitive firm?
A) to produce a quantity that maximizes market share
B) to produce a quantity that maximizes total revenue
C) to produce a quantity such that price equals marginal cost
D) to produce a quantity such that marginal revenue equals marginal cost
D
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The amount of time elapsed since a price change impacts the elasticity of demand because as more time passes,
A) people can find more substitutes, and so the elasticity of demand decreases. B) people can find more substitutes, and so the elasticity of demand increases. C) people's incomes will increase, and so the elasticity of demand decreases. D) the good's price will have a chance to return to its previous level.
The antitrust laws in the United States were created in the late 1800s as a result of :
a. the emergence of large and dominant businesses in railroads, steel, oil, mining and finance. b. the government decision to take responsibility for the improvement of trade deficit. c. the first illegal cartel, created in late 1800s. d. a steep decline in prices of primary goods in the United States. e. the threats of an external aggression received by the country.
No tax can lead the economy to higher levels of efficiency
a. True b. False Indicate whether the statement is true or false
The demand curve for capital is
A. its entire marginal physical product curve. B. the downward-sloping portion of its marginal physical product curve. C. its entire marginal revenue product curve. D. the downward-sloping portion of its marginal revenue product curve.