If a firm could perfectly price discriminate,
A. the marginal revenue curve would lie below the demand curve.
B. the marginal revenue curve would be the same as the demand curve.
C. there would be no marginal revenue function.
D. the marginal revenue curve would lie above the demand curve.
Answer: B
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The "law of demand" refers to the fact that, other things remaining the same, when the price of a good rises,
A) the demand curve shifts rightward. B) the demand curve shifts leftward. C) there is a movement down along the demand curve to a larger quantity demanded. D) there is a movement up along the demand curve to a smaller quantity demanded. E) the demand curve shifts rightward and there is a movement up along the demand curve to a smaller quantity demanded.
The above figure shows the labor market in an undeveloped nation. A minimum wage has an effect on the market for low-skilled labor if it is set at
A) $2.00. B) $3.00. C) $4.00. D) all of the above
The ratio of exports to GDP for the United States in 2014 is approximately equal to
A) 6%. B) 13%. C) 21%. D) 31%.
Which of the following is an example of an activity undertaken by an entrepreneur?
A) choosing the color scheme for your renovated kitchen B) being promoted to the position of Chief of Police C) being appointed to the U.S. Supreme Court D) starting a snow cone business