For a perfectly competitive firm, marginal revenue product is equal to:
a. the difference between marginal revenue and marginal cost.
b. the product price multiplied by total output.
c. the change in total product arising from a unit change in resource usage.
d. marginal product multiplied by product price.
d
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Which of the following statements is correct?
A) Open market purchases are expansionary and open market sales are contractionary. B) Open market purchases are contractionary and open market sales are expansionary. C) Both open market purchases and open market sales are expansionary. D) Both open market purchases and open market sales are contractionary.
Using the figure as a guide, which of the following is FALSE with respect to profit maximization and the monopolist?
A) A monopolist (like any other firm) will select an output rate at which marginal revenue is equal to marginal cost, at the intersection of the marginal revenue curve and the marginal cost curve. B) The monopolist will produce quantity Qm and charge a price of Pm. C) When compared to a competitive situation, consumers pay a higher price to the monopolist, and consequently are forced to purchase more of a product as price varies directly with quantity demanded. D) Profits are the positive difference between total revenues and total costs.
Goods commonly produced by colonial households included:
a. clothing. b. bread and hardtack. c. beer and whiskey. d. jellies and jams. e. All of the above.
The source of the fiscal imbalance is _________.
Fill in the blank(s) with the appropriate word(s).