What determines the revenue flows received by businesses?
A) an agency of the Federal government
B) their ownership of factors of production, how much they sell in the factor markets, and the prices received when sold
C) what they pay the factors of production they employ
D) what they choose to produce, how much is sold, and the price received when sold
E) financial institutions such as banks
D
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If the exchange rate changes from 1.5 euros per dollar to 1.0 euro per dollar, the euro has
A) depreciated against the dollar. B) appreciated against the dollar. C) fallen inversely in value. D) depreciated against the euro. E) appreciated against the euro.
The marginal revenue curve facing a monopolistically competitive firm
A) lies on its demand curve. B) lies above its demand curve. C) lies below its demand curve. D) is equal to its price curve. E) is parallel to its demand curve.
In the above figure, the price received by the seller before the tax is ________ per compact disc, and the price received and kept by the seller after the tax is ________ per compact disc
A) $20; $20 B) $20; $10 C) $30; $20 D) $30; $10
If, after a person buys a set of goods with his/her income and total utility is not maximized, then
a. some change in the composition of the goods bought will increase utility b. we know that the prices were not equal c. we know that the MU/P for all goods had to be equal d. we know that marginal utility of the last good purchased was higher than the total utility of the set of goods bought e. the law of diminishing marginal utility does not apply in this case