For firms that sell one product in a perfectly competitive market, average revenue is:
A. calculated by total revenue divided by total output.
B. equal to marginal revenue.
C. equal to the market price.
D. All of these are true.
D. All of these are true.
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Along an LM curve at higher interest rates there is __________ money demanded, so income must be higher to __________ the demand for transactions balances if the total demand for money is to equal the fixed supply
A) less; decrease B) less; increase C) more; decrease D) more; increase
Fernando allocates his lunch money between pizza and Coke. A Coke has a price of $1 and a slice of pizza has a price of $1.50 . The marginal utility of the last slice of pizza Fernando ate today was 30, and the marginal utility of his last Coke was 25 . Fernando spent all of his lunch money. From this information we can conclude that
a. Fernando allocated his money in a way that maximized his total utility b. Fernando's total utility would have been greater if he had purchased more Coke and less pizza c. Fernando's total utility would have been greater if he had purchased more pizza and less Coke d. Fernando could have increased his total utility by purchasing more Coke but the same quantity of pizza e. Fernando could have increased his total utility by purchasing more pizza but the same quantity of Coke
Efficiency means everyone in the economy should receive an equal share of the goods and services produced
a. True b. False Indicate whether the statement is true or false
An example of physical capital is:
A. a tractor. B. a high-yield seed varietal. C. a farmer. D. All of these are examples of physical capital.