New automobiles count as consumer durables.
Answer the following statement true (T) or false (F)
True
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A single-price monopoly can sell 2 units for $8.50 per unit. In order to sell 3 units, the price must be $8.00 per unit. The marginal revenue from selling the third unit is
A) $24.00. B) $8.50. C) $7.00. D) $6.50. E) $17.00.
Total revenue minus both explicit and implicit costs defines a firm's:
A. profit. B. net worth. C. gross earnings. D. marginal earnings.
A firm that makes zero economic profits
A. Covers all its costs, including a provision for normal profit. B. Incurs an accounting loss if fixed costs are greater than variable costs. C. Must eventually go bankrupt and exit the industry. D. Does not cover its variable costs and should shut down in the short run.
A British importer buying American wheat would pay for his purchases in __________.
Fill in the blank(s) with the appropriate word(s).