Marginal utility is always a positive number
a. True
b. False
Indicate whether the statement is true or false
False
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When a monopolistically competitive firm cuts its price to increase its sales, it experiences a loss in revenue due to the
A) income effect. B) output effect. C) price effect. D) substitution effect.
An increase in a consumer's income will increase the Marginal Rate of Transformation
Indicate whether the statement is true or false
Which of the following is true of a tariff?
a. It is a tax levied by the government on domestic production of goods and services. b. It is a quantitative restriction on imports imposed by the government. c. It is a monetary benefit received by exporters from the government. d. It is a monetary benefit received by importers from the government. e. It is a tax on import and export levied by the government.
Which of the following will NOT be true if the antitrust laws are successful?
A) Producers will earn zero economic profits in the long-run. B) Firms will not restrict output. C) Firms will produce the competitive output. D) Firms will produce the quantity at which marginal cost equals marginal revenue and charge a price that is greater than marginal cost.