Use the above figure. The total revenue earned by the monopolistically competitive firm is
A. $285.
B. $180.
C. $300.
D. $255.
Answer: C
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Assume the technology for producing personal computers improves and, at the same time, individuals discover new uses for personal computers so that there is greater utilization of personal computers. Which of the following will happen to equilibrium price and equilibrium quantity?
A) Price will increase; quantity cannot be determined. B) Price will decrease; quantity cannot be determined. C) Quantity will increase; price cannot be determined. D) Quantity will decrease; price cannot be determined.
If marginal product is less than average product, then
A. marginal product must be decreasing. B. average product must be increasing. C. marginal product must be increasing. D. marginal product could either be increasing or decreasing.
An economy has government purchases of 1000. Desired national saving and desired investment are given by Sd = 200 + 5000r + 0.10Y - 0.20G Id = 1000 - 4000rWhen the full-employment level of output equals 5000, then the real interest rate that clears the goods market will be
A. 16.67%. B. 21.11%. C. 1.11%. D. 5.56%.
When all the costs and benefits of a transaction are borne by the participants of that transaction, _____
a. the market outcome will be inefficient b. the private costs and social costs are identical c. negative externalities exist d. positive externalities exist e. the free rider problem arises