The figure above shows the marginal revenue and costs of a perfectly competitive firm. The marginal cost of the last unit produced is

A) $4 per unit.
B) $8 per unit.
C) $16 per unit.
D) None of the above answers is correct.


C

Economics

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The European Union can impose fines of up to ________ percent of the guilty firm;s worldwide total revenue.

A) 100 B) 5 C) 10 D) 25

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One reason stagflation is difficult to recover from is because:

A. less output requires less inputs to be hired. B. prices tend to adjust more quickly downward than upward. C. wages are sticky downward. D. input prices increase with output prices.

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It is difficult to create barriers to entry if the information content of a product can be separated from the physical aspects of the product

Indicate whether the statement is true or false

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If the supply of pencils, a substitute for pens, increases, what will happen to the equilibrium price of pencils and to the equilibrium price of pens?

Economics