In a perfectly competitive market,
a. no one seller can influence the price of the product.
b. price exceeds marginal revenue for each unit sold.
c. average revenue exceeds marginal revenue for each unit sold.
d. All of the above are correct.
a
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Suppose a single-price monopoly sells 3 units of a good at $20 per unit. If the monopoly sells 4 units, the total revenue increases to $72. What price is being charged for 4 units?
A) $52 each B) $18 each C) $60 each D) $12 each E) $20 each
The measure of GDP which effectively updates the prices for the base year each year and reduces the errors from changes in relative prices and the introduction of new goods and services is called the
A) nominal GDP. B) real GDP. C) deflated GDP. D) chain-weighted GDP.
An automatic stabilizer: a. increases inflationary pressure during expansions
b. Increases the drop in disposable income during recessions and increases the jump in disposable income during expansions. c. reduces the drop in disposable income during recessions and reduces the jump in disposable income during expansions. d. increases tax revenue relative to government spending throughout the business cycle. e. decreases tax revenue relative to government spending throughout the business cycle.
Traditional economic models ________ the fact that people sometimes regret making decisions with perfectly predictable consequences.
A. can easily explain B. are supported by C. account for D. cannot explain