If a perfectly competitive firm sells 50 units of output at a market price of $10 per unit, its marginal revenue is:
a. more than $10.
b. less than $10.
c. $10.
d. $5300.
c
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Refer to the above figure. Which point or points represent(s) a short-run equilibrium?
A) A only B) B only C) C only D) both A and B
Bill has $10 to spend on a Superman, Batman, or an X-Men T-shirt. Bill buys the Superman T-shirt and the Batman shirt was a close second choice. What is the opportunity cost?
a. The amount he spent, $10. b. Nothing, since he got his preferred choice. c. The Batman T-shirt. d. The X-Men T-shirt.
When you have to give up one opportunity in order to choose another, the value of the opportunity that is not chosen is called the
A. opportunity cost. B. forgone value. C. opportunity price. D. choice equilibrium.
Use the following table to answer the question below.Dave's Production Possibilities ScheduleSimon's Production Possibilities SchedulePounds of Green BeansPounds of CornPounds of Green BeansPounds of Corn0160080201204060408080406040120208001600Who has the comparative advantage in the production of green beans?
A. Simon B. Dave C. Both D. Neither