For a perfectly competitive firm,
a. marginal revenue equals total revenue
b. total revenue always exceeds total cost
c. price always exceeds average total cost
d. marginal cost always equals average cost
e. the marginal revenue curve and the demand curve lie on top of each other
E
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A possible problem of democracy
A) is moral hazard. B) is protected property rights. C) is mob rule. D) none of these choices is a problem.
A major drawback of the Keynesian approach to macroeconomic equilibrium is the assumption that the supply of goods and services in the economy always adjusts to aggregate expenditures
a. True b. False Indicate whether the statement is true or false
In the product markets, households
A. are the sellers of resources. B. are neither buyers nor sellers in the market. C. are the buyers of goods and services. D. none of these is correct.
Of the following, who gains because of tariffs and why?
A) domestic producers of protected goods because they can sell at a higher price B) domestic buyers because they can be sure of buying high-quality products C) foreign producers because they earn more total revenue D) foreign government because they gain more revenue E) domestic buyers because they pay a lower price