Assuming the inverse demand function for good Z can be written as P = 90 - 3Q, when Q is equal to 5, average revenue and marginal revenue are equal to ________ and ________
A) $75; $75.
B) $85; $85.
C) $75; $60.
D) $60; $60.
C
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Describe the changes in the variables that will cause supply for a product to decrease, shifting the supply curve up and to the left
What will be an ideal response?
The principal advantage of the game theory approach is that it allows us to
a. take all possible information into consideration before developing a theory b. better understand why the firm in a competitive industry avoids games c. better understand how the government should regulate a natural monopoly d. better understand decision making when one person's choices affect another person's choices e. understand the relationship between the firm and the industry demand curves
How much did world trade total in 2011?
a. 16 trillion b. 18 trillion c. 20 trillion d. 22 trillion
In the graph shown, the globally constrained potential output is:
A. the LAS curve shown, but horizontal. B. the same as the LAS curve shown. C. to the left of the LAS curve shown. D. to the right of the LAS curve shown.