Which of the following equals the ratio of the change in total revenues over the change in output?
A) total cost
B) average revenue
C) demand
D) marginal revenue
D
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Use the following graph to answer the next question.
The graph shows the cost curves for a perfectly competitive firm. If the market price of the product is $1.25 per unit, then the firm will produce how many units to maximize profits in the short run?
A. 15 B. 20 C. 0 D. 35
Conclusions about the misallocation of resources under conditions of monopoly depend, in part, on the crucial assumption that
A) monopolies are interested in economic profits and competitive firms are not. B) the monopolization of a perfectly competitive industry does not change the cost structure of the industry. C) the economies of scale exist only in perfectly competitive industries. D) the marginal cost curve of a monopolist is different from that of a perfectly competitive firm.
A decrease in the quantity of labor supplied in response to a higher wage would be due to the:
A. substitution effect. B. price effect. C. income effect. D. tax effect.
Markets in which the currencies of different countries across the world are traded are called:
a. stock markets. b. foreign exchange markets. c. loanable funds markets. d. commodity markets. e. money markets.