When a firm is operating in a price-taker market, marginal revenue is
a. equal to price.
b. always less than price.
c. equal to zero when the market is in long-run equilibrium.
d. equal to the change in output divided by the change in total revenue.
A
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Marginal profit equals the difference between marginal revenue and average cost.
Answer the following statement true (T) or false (F)
A sharp rise in the price of oil from the fall of 2007 to the summer of 2008 led to a decline in the demand for large cars. This decline in demand for an output,
A. led to a decline in the derived demand for autoworkers. B. led to a increase in the derived demand for autoworkers. C. had no impact on the derived demand for autoworkers.
Given the data, the level of saving at a disposable income of $1, 200 is
What will be an ideal response?
Which fact about the term structure is the expectations theory able to explain?
A. Why long-term bonds usually are less liquid than short-term bonds with the same defaultrisk. B. Why longer-term yields tend to be higher than shorter-term yields. C. Why interest rates on bonds with different terms to maturity tend to move together over time. D. Why yields on short-term bonds are more volatile than yields on long-term bonds.