Marginal revenue is generally __________ for businesses that do not operate under conditions of perfect competition.
A. lower than the price
B. higher than the price
C. lower than the average cost
D. lower than the marginal product
Answer: A
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An example of the outlet substitution bias in the calculation of the CPI is a price increase in
A) a trip to Mexico for a couple that had previously taken vacations in Europe. B) a 2014 Honda Civic relative to a 2004 Honda Civic. C) GPS units versus AAA map books. D) textbooks bought through the campus bookstore relative to textbooks via Craigslist. E) olive oil versus vegetable oil.
The years from 1945 to 1973 are notable for ________
A) a Great Moderation B) generally low inflation C) brief, but severe, recessions D) all of the above E) none of the above
In competitive markets where firms are observed to be exiting the market, the firms that remain will obtain economic profits in the long run
a. True b. False Indicate whether the statement is true or false
Refer to the accompanying table below. The marginal cost of the 3rd unit of this activity is: Units of ActivityTotal CostTotal Benefit0$0$01$30$1002$40$1603$60$1904$100$2105$150$2206$210$225
A. $30 B. $25 C. $10 D. $20