Refer to the table. If each of the 100 firms in the industry is maximizing its profit, each must have a marginal cost of:
A. $5.
B. $4.
C. $3.
D. $2.
C. $3.
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If a monopolist lowers its price and its demand is inelastic, then its
A) total revenue increases. B) total revenue decreases. C) total revenue does not change. D) total revenue is negative.
Refer to Scenario 1 . If this economy is currently producing 30 crabs and 40 fish how is it possible for it to produce more of both?
What will be an ideal response?
A stereo system in Mexico costs 3,200 Mexican pesos. If the dollar price of one Mexican pesos is $0.11, then the U.S. dollar value of the same stereo system is $352
a. True b. False Indicate whether the statement is true or false
If the price level falls but people don't feel richer because of that fall, then the AD curve would likely:
A. shift in. B. be flatter than it otherwise would be. C. be steeper than it otherwise would be. D. shift out.