Refer to the above graph for a firm in pure competition. Line B represents:
A. marginal revenue.
B. average total cost.
C. average fixed cost.
D. total revenue.
Answer: A
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Higher prices and price increases combined with lower real output and income, resulting from a major increase in input prices in the economy is called:
A) deflation. B) inflation. C) stagflation. D) none of the above.
A proportional tax is a tax whose rate increases as the tax base widens
a. True b. False Indicate whether the statement is true or false
Which of the following is not a component of the aggregate expenditures of a country?
a. Investment b. Government spending c. Net exports d. Consumption e. Transfer payments
An oligopoly is a market where there are a handful of dominant firms. A type of oligopoly where there are only two firms is a duopoly.
Indicate whether the statement is true or false