The shorter the period of time being considered, the less rapidly will diminishing marginal utility set in
a. True
b. False
Indicate whether the statement is true or false
False
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The marginal revenue of a monopolistically competitive firm
A) will equal average revenue. B) cannot be negative because the price the firm charges will always be greater than zero. C) can be negative if the firm charges a high price. D) can be negative if the firm charges a low price.
Cotton farmers in Texas cannot influence the price of cotton so they are
What will be an ideal response?
If protective import-restricting tariffs are imposed by a country, in the majority of cases that nation's producers end up
A) receiving a higher price for the good than they otherwise would. B) receiving a lower price for the good than they otherwise would. C) producing less of the good than they otherwise would. D) receiving a lower profit for the domestic good than they otherwise would.
What is the name given to the price in a labor market?
A. The supply rate B. The demand rate C. The wage rate D. The equilibrium rate