For firms that sell one product in a perfectly competitive market, marginal revenue is:
A. the additional revenue gained from selling one more unit.
B. equal to average revenue.
C. equal to market price.
D. All of these are true.
D. All of these are true.
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What is the percentage of income received by the lower two quintiles on line X?
The decreasing portion of a firm's long run average cost curve is attributable to:
A. diminishing returns to scale. B. increasing marginal cost. C. economies of scale. D. diseconomies of scale.
The marginal propensity to consume is
A. The percentage of total disposable income spent on consumption. B. The fraction of each additional dollar of disposable income spent on consumption. C. Total consumption in a given period divided by total disposable income. D. That part of the average consumer dollar that goes to the purchase of final goods.
A major element of the concepts of inflation and deflation is
A. each household's willingness to report what they pay for goods and services each month. B. the idea that price changes are measured daily. C. their dependence on average rather than individual prices. D. the requirement that ALL prices must be moving in the same direction.