Exhibit 8-4 Marginal cost and revenue for a firm
UnitQuantity
Marginal Cost
Marginal Revenue
12
$ 5
$9
13
6
9
14
7
9
15
8
9
16
9
9
17
10
9
In Exhibit 8-4, what is this firm's profit-maximizing rate of output?
A. 13.
B. 14.
C. 15.
D. 16.
Answer: D
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Private firms and public bureaus differ in the sense that
a. only private firms employ capital b. public bureaus usually show a profit c. some public bureaus are inefficient d. ownership of private firms is transferable e. ownership of public bureaus is transferable in the marketplace
Complements are characterized by:
A. negative cross-price elasticity of demand. B. positive cross-price elasticity of demand. C. cross-price elasticity of demand equal to zero. D. cross price elasticity of demand equal to -1.
An increase in the price of a good will lead to an increase in the quantity supplied.
a. true b. false
The primary antitrust statute in the United States is the
A) NLRA of 1935. B) SEC Act of 1933. C) Sherman Antitrust Act of 1890. D) Federal Reserve Act of 1913.