If an individual perfectly competitive firm charges a price above the industry equilibrium price, it will
A. not sell any of what it produces.
B. sell all that it can produce and gain equal revenue with competitors.
C. sell part of what it can produce and gain less revenue than competitors will.
D. sell all that it can produce and gain more revenue than competitors.
Answer: A
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Refer to Figure 19-7. Which of the following is true?
A) Indian exports to the United States are more expensive at exchange rates greater than $.02/rupee than at the equilibrium exchange rate. B) U.S. imports are more expensive at exchange rates greater than $.02/rupee than at the equilibrium exchange rate. C) To achieve an exchange rate greater than $.02/rupee, the Reserve Bank of India must buy surplus dollars with rupees. D) The rupee is overvalued at exchange rates less than $.02/rupee.
Refer to the table shown. If the average product is 8, the number of workers is:Number of workersMarginal product of workers1527384105116775839010?1
A. 2. B. 8. C. 6. D. 4.
Refer to Figure 7-14 Which supply curve represents perfectly inelastic supply?
a.S1
b.S2
c.S3
d. It is impossible to tell without more information.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The economy is currently at Point A. The opportunity cost of moving from Point A to Point B is the
A. 30 LCD televisions that must be forgone to produce 60 additional OLED televisions. B. 90 LCD televisions that must be forgone to produce 20 additional OLED televisions. C. 30 LCD televisions that must be forgone to produce 20 additional OLED televisions. D. 120 LCD televisions that must be forgone to produce 40 additional OLED televisions.