Given a downward-sloping linear demand curve, if total revenue decreases as quantity rises, marginal revenue must be:
A. Positive and demand is elastic
B. Negative and demand is elastic
C. Positive and demand is inelastic
D. Negative and demand is inelastic
D. Negative and demand is inelastic
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A firm's short-run average cost is defined as
a. the ratio of total output to short-run total cost. b. the ratio of short-run total cost to total output. c. the additional cost of producing one more unit of output while some input is fixed. d. the additional cost of producing one more unit of output while all inputs are fixed.
When regulations interfere with exchange and limit entry into various businesses and occupations, they will
What will be an ideal response?
Spending on new capital goods, new homes, and the addition of unsold goods to company inventories is included in:
A. service spending. B. government purchases. C. investment spending. D. consumption expenditures.
Use the above figure. The total cost faced by this monopolistically competitive firm is
A. $2,080. B. $1,900. C. $3,150. D. $1,600.