Given the data in the above table, what is the marginal revenue when the 13th unit is sold?
A. $5.00
B. $1.00
C. $3.00
D. $7.00
Answer: A
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When firms leave a perfectly competitive market, then, other things remaining unchanged:
a. the market supply will decrease but the market price will rise. b. both the market supply and the market price will fall. c. both the market demand and the price will increase. d. the market demand will decrease but the market price will rise. e. both the market demand and the market supply will decrease.
Suppose the price index was 100 in 2014, 109 in 2015, and the inflation rate was lower between 2015 and 2016 than it was between 2014 and 2015 . This means that
a. the price index in 2016 was lower than 109.0. b. the price index in 2016 was lower than 118.9. c. the price index in 2016 was lower than 118.0. d. the inflation rate between 2015 and 2016 was lower than 1.09 percent.
If 1 euro is priced at $1.25 and if 1 euro will also buy 88 Japanese yen($1 = ¥88), in equilibrium, with no arbitrage opportunities, how much is the cross rate between the yen and the dollar (yen-dollar rate)?
a. ¥150/$ b. ¥70.4/$ c. ¥20/$ d. ¥5/$
The short-run supply curve of a perfect competitor is
A) its average variable cost curve. B) its marginal revenue curve. C) its entire marginal cost curve. D) its marginal cost curve equal to or above the minimum point on its average variable cost curve.