In the figure above, what is the MPC?
A) 0.75 B) 1.00 C) 0.50 D) 0.80 E) 0.90
C
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Which of the following characterizes a perfectly competitive market?
a. a few firms fiercely competing by slashing prices b. product differentiation through aggressive advertising c. perfect information d. limited resource mobility e. barriers to entry such as licenses
Define the following terms and explain their importance to the study of economics
a. demand b. surplus c. equilibrium d. law of supply and demand e. quantity demanded
A group of firms that produce the same or similar products is:
A. a multiplant firm. B. a partnership. C. a plant. D. an industry.
(Consider This) In 1975, McDonald's introduced its Egg McMuffin breakfast sandwich, which remains popular and profitable today. This longevity illustrates the idea of:
A. opportunity cost. B. upsloping supply. C. consumer sovereignty. D. specialization.