A firm sells 99 units of output when price equals $10 and 100 units of output when price equals $9. Its marginal revenue for the 100th unit of output is negative.
Answer the following statement true (T) or false (F)
True
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If the demand for labor increases
I. employment increases. II. the real wage rate increases. A) Only I is correct. B) Only II is correct. C) Both I and II are correct. D) Neither I nor II is correct.
The own price elasticity of Anne's apple pies is 5 . If the aggregate market for apple pies has an own price elasticity of 1.25, Anne's apple pies has an approximate market share of
a. 6.25% b. 25% c. 10% d. 20%
Goods are scarce when:
a. their price is too low. b. their price is too high. c. the amount people want is more than the amount available at a zero price. d. people want less of something as compared to what is available. e. their prices are controlled.
The total earnings of a worker are represented by E = 100 + $10(24 ? L), where E is earnings and L is the number of hours of leisure. How many hours of leisure are consumed if this worker's total earnings are $160?
A. 18 hours B. 10 hours C. 16 hours D. 12 hours