A perfectly competitive firm
a. can increase total revenue by raising its price
b. can sell more goods by lowering its price
c. can sell more goods by raising its price
d. cannot increase sales or total revenue by changing its price
e. typically tries to offer lower prices than rival firms
D
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Which of the following is NOT considered a consumption good?
A) Nike swimming trunks B) marriage counseling services C) a UPS truck D) a Subway sandwich E) a U.S. government bond
Sulfur Dioxide Discharged (Tons)Firm AFirm B10$10,000$12,000911,00017,000813,00022,000716,00026,000620,00033,000Table 16.4Table 16.4 shows the production cost for two utilities at different levels of sulfur dioxide emissions. Assume that the government issued 8 marketable pollution permits to each firm. If Firm B wants to purchase a second permit to be able to discharge 10 tons of sulfur dioxide, what is Firm B's willingness to pay?
A. $2,000 B. $3,000 C. $4,000 D. $5,000
The minimum efficient scale is
A) the level of output where diminishing returns have not set in yet. B) the plant size that yields the most profit. C) the smallest level of operation where long-run average costs are lowest. D) the smallest output level where the firm finally reaches productive efficiency.
Refer to the table. As compared to production alternative D, the choice of alternative C would:
Answer the question on the basis of the data given in the following production possibilities
table:
A. tend to generate a more rapid growth rate.
B. be unattainable.
C. entail unemployment.
D. tend to generate a slower growth rate.