A firm's ________ curve in a perfectly competitive product market is the same as its supply curve. Similarly, a firm's ________ curve in a perfectly competitive labor market is the same as its demand curve.
A. total revenue; total cost
B. total cost; total revenue
C. marginal cost; marginal revenue product
D. marginal revenue product; marginal cost
Answer: C
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Sandra has been working as a software engineer for five years and Jack has been working as a software engineer for two years. Which of the following statements is true of Sandra and Jack?
A) Sandra is likely to earn lower wages than Jack. B) Sandra is likely to earn the same wage as Jack. C) Sandra is likely to be more productive at work than Jack. D) Sandra is likely to be equally productivity at work as Jack.
The typical volume of an aluminum can of soda is 355 mL. What is the equivalent volume in gallons?
What is one reason the government collects data about discouraged workers?
A. The number of discouraged workers is a better indicator of unemployment. B. Some people argue that the unemployment rate underestimates true unemployment because it does not include discouraged workers. C. Some people argue that the unemployment rate overestimates true unemployment because it includes discouraged workers. D. To include them in the standard measure of unemployment because they can't find jobs.
A market with many sellers, no influence over price, no barriers to entry, a homogeneous product, and an absence of non-price competition is known as
A) perfect competition. B) monopolistic competition. C) oligopoly. D) monopoly.