Toys for Toddlers, Inc, sells in a perfectly competitive market, with an equilibrium price of $5 . Its marginal revenue:
a. is greater than $5.
b. is $5
c. is less than $5.
d. is less than zero.
b
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Real GDP is the dollar value of all goods and services produced in an economy.
Answer the following statement true (T) or false (F)
Double-entry bookkeeping for the balance of payments requires that:
a. the current account always equal the balance of payments. b. every transaction be recorded as a credit and a debit at the same time. c. total credits always exceed total debits. d. every transaction be recorded as either a credit or a debit. e. total debits always exceed total credits.
The exchange rate that equates the quantities of currency supplied and demanded in the foreign exchange market is called the ________ exchange rate.
A. market equilibrium value of the B. real value of the C. target value of the D. fixed value of the
The ________ states that all else equal, taxes that are neutral with respect to economic decisions are generally preferable to taxes that distort economic decisions.
A. law of tax incidence B. principle of neutrality C. principle of second best D. principle of excess burden