"The distribution of income should be left to the market" is an example of:
A. the art of economics.
B. positive economics.
C. normative economics.
D. negative economics.
Answer: C
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The breakeven price of a perfectly competitive firm is obtained at the point of intersection between the marginal revenue and marginal cost curves
Indicate whether the statement is true or false
The federal government is most likely to oppose
a. the purchase of a firm in danger of bankruptcy by a successful firm. b. a merger between two firms in a perfectly competitive industry. c. the purchase of one oligopolist by another in an industry with contestable markets. d. a merger between two firms in a three-firm industry.
_____________is the extra revenue associated with the production and sale of one additional unit of output.
Fill in the blank(s) with the appropriate word(s).
The formula for MC is
A. q/TVC. B. TVC/q. C. ?TVC/q. D. ?TVC/?q.