You sell your good in a perfectly competitive market where the market price is $7.00. When you sell 100 units your total revenue is $700. When you sell 101 units:
A. total revenue increases by less than $7.
B. total revenue increases by exactly $7.
C. total revenue increases by more than $7.
D. total revenue may increase or decrease.
Answer: B
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The cost of education, professional athletes’ pay, and medical services rise faster than the rate of goods and services because their average productivity has remained the same.
Answer the following statement true (T) or false (F)
What does it mean for a firm to be a price taker in the labor market?
What will be an ideal response?
Knowing that the demand for wheat is inelastic, if all farmers voluntarily did not plant wheat on 10 percent of their land, then
a. consumers of wheat would buy more wheat. b. wheat farmers would suffer a reduction in their total revenue. c. wheat farmers would experience an increase in their total revenue. d. the demand for wheat would decrease.
Of the following countries, which country's government collects the largest amount of tax revenue as a percentage of that country's total income?
a. Denmark b. United States c. Canada d. Greece