A firm's marginal cost curve in a perfectly competitive product market is the same as its ________ curve. Similarly, a firm's marginal revenue product curve in a perfectly competitive labor market is the same as its ________ curve.
A. demand; supply
B. supply; demand
C. supply; supply
D. demand; demand
Answer: B
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A bank is insolvent when:
A) its total assets exceed its total liabilities. B) its stockholders' equity exceeds its total assets. C) its stockholders' equity exceeds its total liabilities. D) its total liabilities exceed its total assets.
Suppose the federal government implemented a flat tax to replace the income tax, and the flat tax saved taxpayers a total of $5 billion. A tax change such as this could be viewed as an example of the federal government implementing
A) contractionary monetary policy. B) contractionary fiscal policy. C) expansionary monetary policy. D) expansionary fiscal policy.
Dividend refers to
A. a corporation’s regular payments to lenders. B. a payment of part of the corporation’s profits that are distributed to stockholders. C. a lender’s legal claim on the assets of a bankrupt corporation. D. a prepayment of a corporation’s legal obligation.
A weakness of the market system of resource allocation is that
a. such economies tend to be stagnant b. most participants in such an economy have low standards of living c. there are no limits on an individual's freedom of action d. it does not address the problem of initial inequities in endowments e. its participants are free to act according to their desires