In pure competition, the average revenue of a firm always equals:
A. total revenue.
B. average total cost.
C. marginal cost.
D. marginal revenue.
Answer: D
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Price floors are typically accompanied by a standard series of symptoms. What are they?
What will be an ideal response?
Which of the following is true about the Federal Reserve and its ability to prevent recessions? The Federal Reserve
A) can fine tune the economy and realistically hope to keep the economy from experiencing recessions. B) cannot realistically fine tune the economy and has little to no effect on the magnitude and length of recessions. C) cannot realistically fine tune the economy, but seeks to keep recessions shorter and milder than they would otherwise be. D) does not try to eliminate recessions, but instead focuses on preventing inflation.
The demand schedule assumes that factors other than price:
A. remain the same. B. remain separate in the table. C. change as price changes. D. must also be in the table.
Describe the circular flow of the economy by discussing the two markets where households and firms meet
What will be an ideal response?