Suppose that Oscar sells pork in a perfectly competitive market. The market price of pork is $3 per pound. The marginal revenue generated by Oscar from selling the 12th pound of pork would be
A. $4.
B. $3.
C. $36.
D. Not enough information is given to answer this question.
Answer: B
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Does game theory always predict real-world situations involving strategic interactions? Why or why not?
What will be an ideal response?
The above figure shows the Lorenz curve for wealth for the nation of Rusha. The wealthiest forty percent of the population own what percent of wealth?
A) 40 percent B) 50 percent C) 60 percent D) 100 percent
Which of the following is NOT part of M1 but is included in M2?
A) currency B) small-denomination certificates of deposits C) traveler's checks D) cash
The long run is referred to as a planning horizon because:
a. the firm has committed to a fixed quantity of at least one resource and the other resources are variable. b. the manager has selected the size of the firm that appears to be the least profitable and does not have the option of selecting any other plant size. c. the firm has not committed to a fixed quantity of any resource and has all options available to it. d. the manager has selected a scale of production. e. the firm is operating along a specific average-cost curve.