Mark Frost grows apples in a perfectly competitive market. If we drew a line in a graph that illustrates Mark's total revenue from selling apples, it would be
A) a straight, upward-sloping line.
B) a horizontal line.
C) a straight, downward-sloping line.
D) a curve that is negatively sloped at low levels of output and positively sloped at higher levels of output.
Answer: A
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Soran is risk averse. If her wealth rises by $100, her total utility increases by 300. If her wealth increases, her total utility will decrease
A) by more than 300. B) by less than 300. C) by 300. D) by some amount that cannot be determined without more information.
The marginal propensity to consume plus the marginal propensity to save must always equal 1
a. True b. False Indicate whether the statement is true or false
Refer to the information provided in Figure 2.6 below to answer the question(s) that follow.
Figure 2.6Refer to Figure 2.6. An increase in the economy's capital stock is represented by a
A. shift from ppf2 to ppf1. B. movement along ppf1. C. shift from ppf1 to ppf2. D. movement along ppf2.
Hotels R Us and Hotel Supply are two hotel toiletry suppliers that are competing with each other. If Hotels R Us announces an upcoming price change next month, it may be signaling to Hotel Supply its intent to engage in ________.
A) a Cournot oligopoly B) a Stackelberg oligopoly C) tacit collusion D) a Chamberlin oligop