In the purely competitive case, marginal revenue (MR) is equal to:
a. cost
b. profit
c. price
d. total revenue
e. none of the above
c
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In the diagram above, which figure(s) show(s) a direct relationship between the variables?
A) both A and C B) only D C) only A D) both B and C E) only B
The Asian tigers have experienced rapid economic growth in recent times. Hence, these countries are sometimes referred to as:
a. first-world countries. b. newly industrialized countries. c. the globalization limelight. d. second-world countries. e. the G-8 nations.
Which of the following is an example of trade policy at the national level?
a. Congress passing legislation to prevent dumping. b. The European Union adopting a common currency c. The World Trade Organization holding a round of negotiations in France d. The U.S. International Trade Commission
The law of diminishing marginal product is NOT responsible for the shape of
A. the average variable cost curve. B. the total cost curve. C. marginal cost curve. D. total fixed cost curve.