For a competitive firm
A) price is equal to marginal revenue.
B) price is less than marginal revenue.
C) demand is less than marginal revenue.
D) demand is less than average revenue but equal to marginal revenue.
A
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Negative values of the price elasticity of demand of a good can be attributed to:
A) the Law of Demand. B) the Law of Supply. C) the Law of Increasing Marginal Utility. D) the Law of Diminishing Marginal Rate of Substitution.
In economics, the accumulated skills and training that workers have is known as
A) physical capital. B) human capital. C) innovation. D) entrepreneurship.
Suppose a new employee is promised a pension payment of $8000 in the twenty-fourth year after joining the firm. The current pension contribution of $1200 a year. Assuming an eight percent rate of return, this pension plan is said to be
A) fully funded. B) partly funded. C) unfunded. D) fully vested.
Which of the following will not increase the demand for iced tea?
a. an increase in advertising that makes drinking iced tea more appealing b. an increase in the price of iced coffee, a substitute product c. an increase in the income of consumers (assume that iced tea is a normal good) d. a decrease in the price of iced tea