The slope of the total revenue curve for a perfectly competitive firm equals
a. marginal revenue, which is less than price
b. marginal revenue, which is greater than price
c. marginal revenue, which is equal to price
d. average revenue, which is less than price
e. average revenue, which is greater than price
C
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If the price of TVs produced by XYZ-TV Company falls from increases from $1,000 to $1,250 per TV set, then the:
A. supply of labor to the XYZ-TV Company decreases. B. supply of labor to the XYZ-TV Company increases. C. demand for labor by the XYZ-TV Company decreases. D. demand for labor by the XYZ-TV Company increases.
The marginal cost curve
A) shows the maximum price that a producer must receive to induce it to produce a unit of a good or service. B) shows the minimum price sellers must receive to produce a unit of a good or service. C) is the same as the demand curve. D) shows what buyers are willing to give up to get one more unit of a good or service.
There are many firms in an oligopolistic market
Indicate whether the statement is true or false
As a result of a decrease in price,
a. new buyers enter the market, increasing consumer surplus. b. new buyers enter the market, decreasing consumer surplus. c. existing buyers exit the market, increasing consumer surplus. d. existing buyers exit the market, decreasing consumer surplus.