In an imperfectly competitive output market, the firm is faced with a(n) ________ MPP curve and a(n) ________ MR curve.
A. upward sloping; downward sloping
B. downward sloping; horizontal
C. downward sloping; downward sloping
D. downward sloping; upward sloping
Answer: C
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In Figure 13-3 above, given the unstable demand for money and a stable commodity demand, a stable output level at C would best be promoted by
A) targeting interest rates by the Fed. B) decreasing taxes. C) increasing expenditures by the government. D) decreasing expenditures by the government.
Under perfect competition, no matter how much output is produced, the total revenue curve is:
a. a positively-sloped line. b. a negatively-sloped line. c. a horizontal straight line. d. a U-shaped curve. e. a hill-shaped curve.
Payroll tax is a proportional tax.
Answer the following statement true (T) or false (F)
Suppose a jar of orange marmalade that is ultimately sold to a customer at The Corner Store is produced by the following production process: Name of CompanyRevenuesCost of Purchased InputsCitrus Growers Inc.$0.750Florida Jam Company$2.00$0.75The Corner Store$2.50$2.00What is the value added of Citrus Growers Inc.?
A. $0.50 B. $0.75 C. $1.75 D. $0.00