Suppose the equilibrium price in a perfectly competitive industry is $15 and a firm in the industry charges $21. Which of the following will happen?
A) The firm's profits will increase.
B) The firm's revenue will increase.
C) The firm will not sell any output.
D) The firm will sell more output than its competitors.
Answer: C
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With perfect price discrimination, the marginal revenue curve
A) is above the demand curve. B) is equal to the demand curve. C) is horizontal. D) is below the demand curve.
An "unsecured" loan is one
A) with no stated collateral. B) that is pending approval by a bank loan committee. C) which has collateral. D) in which the borrower is delinquent in loan payments but has not formally defaulted on.
In the market for labor, the monopsonist is the sole:
A. seller and can push wages down, below the competitive wage. B. buyer and can keep wages up, above the competitive wage. C. buyer and can push wages down, below the competitive wage. D. seller and can keep wages up, above the competitive wage.
Which region has the lowest GDP per capita?
a. South Asia b. Latin America and Caribbean c. Sub-Saharan Africa d. Europe and Central Asia