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
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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
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.
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
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?