Given the data in the above table, what is the marginal revenue when the 12th unit is sold?
A. $1.00
B. $3.00
C. $7.00
D. $5.00
Answer: C
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A compulsory payment to government that is generally linked to engaging in some activity is referred to as a
A) tax. B) subsidy. C) deadweight loss. D) quota.
In the long run, if firms in a perfectly competitive market are incurring economic losses, then
A) new firms will enter the market and the price will rise. B) some firms will leave the market and the price will fall. C) some firms will leave the market and the price will rise. D) new firms will enter the market and the price will fall.
"The weather induced failure of the 1999 grain crop leads Russia to quadruple grain imports from the United States." Assuming that the U.S. grain exports come from government warehouses,
A) net investment in the United States would increase dramatically according to the flexible accelerator theory. B) net investment in the United States would decrease dramatically according to the flexible accelerator theory. C) there would be no change in net investment since the Russian demand is temporary. D) net investment would increase slowly since this is agriculture.
The hardware store doesn't simply sell hammers at $10 each because
What will be an ideal response?