Firms that set prices equal to marginal costs will usually recover all of their R&D costs
a. True
b. False
Indicate whether the statement is true or false
False
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Which of the following would be consistent with the notion of a competitive market process, but would be inconsistent with the notion of perfect competition?
A) Cost-plus-markup pricing B) Freedom of entry C) Price taking behavior D) Large numbers of buyers and sellers E) All of the above.
Team production is a production process in which
A) pay is based on group output. B) individuals specialize in mutually supportive tasks. C) competing groups perform identical tasks. D) individuals rotate from one task to another.
When total utility is at its maximum what must be the value of marginal utility?
What will be an ideal response?
Comparisons of per capita gross domestic product (GDP) between countries:
A. provide an accurate gauge by which to judge living standards. B. provide information about both market and nonmarket productive capacities. C. do not necessarily provide a good measure of relative living standards. D. are misleading because GDP isn't always consumption plus investment plus government spending plus net exports.