Suppose a firm in a competitive market produces and sells 8 units of output and has a marginal revenue of $8 . What would be the firm's total revenue if it instead produced and sold 4 units of output?
a. $4
b. $8
c. $32
d. $64
c
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Briefly describe the historical background that gave rise to antitrust and regulation in the United States
What will be an ideal response?
Answer the following statements true (T) or false (F)
1. If a market is defined more broadly, then the chances that firms in that market will be found to be violating antitrust laws based on the "structuralist" perspective will increase. 2. A conglomerate merger is a merger between firms at different stages of the production process of a product, such as a merger between a flour milling company and a baking company. 3. Strict enforcement of antitrust laws will generally complement the economic objective of encouraging new technologies that require large amounts of capital investment. 4. Public regulation rather than public ownership has been the primary means used in the United States to ensure that the behavior of natural monopolists is socially acceptable. 5. If the government regulates a natural monopoly and sets a "fair return" pricing policy, then the regulated firm will have greater incentive to improve its operating efficiency.
It can be rational to play tit-for-tat in a repeated Prisoners' Dilemma game
A) only if the game is played an infinite number of times. B) if the game is played an infinite number of times, or if it is uncertain how many times it will be played. C) only if the game is played a finite number of times, and that number is known by all the players in advance. D) for n-1 of the n periods it will be played, if n is known in advance. E) at no time; tit-for-tat is an irrational strategy in this situation.
$2.98 is an example of
A) typical pricing. B) markup pricing. C) odd pricing. D) margin pricing.