This profit-maximizing firm charges a price of
A. OV.
B. OW.
C. OX.
D. Z.
D. Z.
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Current offers to purchase or sell scarce goods take account of the wants of future generations
A) if government intervenes to give the future a current voice. B) if people are able to predict future prices. C) only if people are concerned for the welfare of others yet unborn. D) only rarely because people are predominantly selfish.
The change in total revenue divided by the change in quantity of labor employed is the
a. marginal physical product of labor b. marginal revenue product of labor c. price of the output d. demand for the output e. wage rate
If the demand for a good increased, what would be the effect on the equilibrium price and quantity?
a. Price would increase, and quantity would decrease. b. Price would decrease, and quantity would decrease. c. Price would increase, and quantity would increase. d. Price would decrease, and quantity would increase.
Which of the following statements is false?
A. In a competitive market, the price mechanism encourages conservation of a depletable resource. B. As the price of a depletable resource rises, its known reserves often increase. C. Prices of depletable resources have risen in the twentieth century primarily because resource producers have exercised monopoly or oligopoly power. D. Shortages of depletable resources occur primarily when governments or others interfere with the price mechanism.