Average revenue is equal to
a. TR/Q.
b. (P × Q)/P.
c. TR × Q
d. All of the above are correct.
a
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In the long run, a firm will exit an industry if the market price is less than its
a. break-even price. b. shutdown price. c. marginal cost. d. fixed cost.
In the real world, how many people does it take to make a light bulb?
A) About five. One person will make the bulb, and four will watch over the person doing the work. B) Between ten and twenty C) Less than forty D) Millions
The closer an income Lorenz curve is to the line of equality, the
A) slower income is growing. B) more equally income is distributed. C) less equally income is distributed. D) faster income is growing.
With regard to colonial land settlement and the land beyond the Appalachians,
(a) secure land titles had to come from established authority; land typically could not be claimed simply by "squatting" on it. (b) throughout most of the colonial period, authority over the land beyond the Appalachians was not easy to establish because both the English and the French laid claim to most of the Mississippi watershed. (c) the original grants of land to colonial settlers from the crown had been "from sea to sea." (d) all of the above are true.