For a firm in a perfectly competitive market, average revenue equals
A) average cost.
B) the change in total revenue.
C) the market price.
D) price divided by quantity.
Answer: C
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Refer to Scenario 6.1. Suppose the friends are forced by government to combine their businesses and share what they make. With this revision to the scenario, the Nash equilibrium occurs where
A) both Tasha and Gloria work extremely hard. B) both Tasha and Gloria work somewhat hard. C) Both A and B represent Nash equilibria. D) There is not a Nash equilibrium in this scenario.
Tax credits are more beneficial to taxpayers than _____
a. exemptions b. deductions c. expenditures d. a and b e. a and c
Many modern economists
a. combine Keynesian short run and neoclassical long-run theories to understand the economy. b. use only Keynesian theories to understand the economy. c. use only neoclassical theories to understand the economy. d. use Rational and Adaptive Expectation theories to understand the economy.
Professor Milton Friedman stated that "inflation is a monetary phenomenon." What did he mean by this statement and what is the basis for this assertion?
What will be an ideal response?