For a perfectly competitive firm, average revenue is equal to
A) average fixed cost. B) marginal cost. C) the market price. D) total revenue.
C
You might also like to view...
After reading Governor Bradford's account, which is the most accurate statement, given his experience?
a. He considered the problems in the colony to be rooted in the "sine and corruption" of selfishness. b. He agreed with Plato that goods held in a "commone wealth" would make the people "happy and flourishing." c. That assigning private plots of land "made all hands very industrious." d. That assigning private plots of land "for this communitie" caused "much confusion and discontent."
Why does the quantity demanded decrease when the price of a good increases?
A. People choose to reduce consumption of the item. B. People “drop out” of the market for the item. C. People find substitutes for the item. D. All of these responses are correct.
What, according to Akerlof, causes the price difference between a one-year old used car and an unsold car manufactured by the same company in the same year?
What will be an ideal response?
In economic models of the public sector, the median voter model presents an extreme view of the way that the public sector allocates resources
a. True b. False