Product markets are defined as ______.
a. places where households can buy necessities using government rebates
b. markets where products are bought by firms and sold by households
c. markets where products are bought by households and sold by firms
d. places where households can sell their labor and services
c. markets where products are bought by households and sold by firms
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How does the concept of utility of wealth capture the idea that pain of loss exceeds the pleasure of gain?
What will be an ideal response?
The value of both exports and imports are added to the value of national product
a. True b. False Indicate whether the statement is true or false
Compute the marginal revenue when the price elasticity of demand is ?0.10.
A. ?3P, meaning marginal revenue is negative and 3 times greater than price. B. ?9P, meaning marginal revenue is negative and 9 times greater than price. C. 3P, meaning marginal revenue is positive and 3 times greater than price. D. 9P, meaning marginal revenue is positive and 9 times greater than price.
You sell your good in a perfectly competitive market where the market price is $7.00. When you sell 100 units your total revenue is $700. When you sell 101 units:
A. total revenue increases by less than $7. B. total revenue increases by exactly $7. C. total revenue increases by more than $7. D. total revenue may increase or decrease.