The aggregate demand curve slopes downward because households feel poorer after a decrease in the price level
a. True
b. False
Indicate whether the statement is true or false
False
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For a perfectly competitive palm tree nursery in South Carolina, the total revenue curve is
A) downward sloping. B) a horizontal line. C) upward sloping. D) U-shaped. E) undefined because the firm is perfectly competitive.
Provide some real-world examples of price discrimination in action
What will be an ideal response?
Suppose a monopolist is producing a level of output such that MR > MC. Which of the following best describes what will happen as the firm moves to its profit-maximizing equilibrium?
A) Marginal revenue will rise and marginal cost will fall. B) Marginal cost and marginal revenue will both rise. C) Marginal revenue will fall and marginal cost will rise. D) Marginal cost and marginal revenue will both fall.
If supply increases, the equilibrium price will rise and the equilibrium quantity will fall
a. True b. False Indicate whether the statement is true or false