Suppose a firm in a competitive market produces and sells 150 units of output and earns $1,800 in total revenue from the sales. If the firm increases its output to 200 units, the average revenue of the 200th unit will be
a. less than $12.
b. more than $12.
c. $12.
d. Any of the above may be correct depending on the price elasticity of demand for the product.
c
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A decrease in the availability of lower-cost drugs will tend to shift the ________ curve for medical services to the ________
A) supply; left B) demand; right C) demand; left D) supply; right
The Sherman Act and the Clayton Act were passed into law more than 100 years ago. What characteristic of each of these laws enables them to remain applicable in today's modern economy?
What will be an ideal response?
Which of the following policy actions by the Fed would cause the money supply to decrease?
a. An open-market purchase. b. A decrease in required reserve ratios. c. A decrease in the discount rate. d. None of these.
If the coupon payment on a bond is $140 and the coupon rate is 5%, then what is the price value of the bond?
A) $2,800 B) $147 C) $254.40 D) $5,000 E) There is not enough information provided to answer this question.