Which of the following is always true for a perfectly competitive firm?
a. Marginal revenue is below price.
b. Marginal revenue exceeds price.
c. The market demand curve is a horizontal line.
d. Price equals marginal revenue.
e. The market supply curve is a horizontal line.
D
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An example of an upper-middle income country is
a. India. b. Brazil. c. Indonesia. d. Nigeria.
If the demand for British pounds increases,
a. the equilibrium price of the pound will increase b. the equilibrium price of the pound will decrease c. the equilibrium price of the pound will not change d. the equilibrium price of the pound will change, but we need additional information to predict the direction of the change e. no one can predict what will happen
Which of the following might cause a depreciation of the U.S. dollar versus the Japanese yen?
A. A recession in the United States. B. A recession in Japan. C. A greater demand for U.S. coal by Japan. D. More Japanese visitors to Hawaii.
A firm can be the sole supplier of a good and is still not a monopolist if
A) the firm is not large. B) the good produced is not important to the economy. C) the firm is not making excessive profits. D) there are very close substitutes for the good.