Refer to Table 13-1. What is the marginal revenue of the 3rd unit?
A) $6.50 B) $5.50 C) $1.83 D) $0.50
B
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In the long run, a representative firm in a monopolistically competitive industry will end up
A. producing a level of output at which marginal cost and price are equal. B. having an elasticity of demand that will be less than it was in the short run. C. earning a normal profit, but not an economic profit. D. having a larger number of competitors than it will in the short run.
A Pigouvian subsidy leads to a socially efficient outcome by ________
A) raising individuals' marginal benefit from consumption B) lowering the marginal private cost of production C) raising the marginal external benefit from consumption D) lowering the marginal external cost of production
The social arrangements that govern the ownership, use, and disposal of property are referred to as
A) the double coincidence of wants. B) capitalism. C) private enterprise. D) property rights.
A graph with a positive slope indicates that the variables depicted on the axes move in the same directions
a. True b. False Indicate whether the statement is true or false