For a firm operating in a competitive industry, which of the following statements is not correct?
a. Price equals average revenue.
b. Price equals marginal revenue.
c. Total revenue is constant.
d. Marginal revenue is constant.
c
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Economists predict that the __________ the cost of shirking to an individual, the __________ shirking that individual will undertake, ceteris paribus.
A) lower; less B) higher; less C) lower; more D) higher; more E) b and c
Juan's Software Service Company is in a perfectly competitive market. Juan has total fixed cost of $25,000, average variable cost for 1,000 service calls is $45, and marginal revenue is $75. Juan's makes 1,000 service calls a month
What is his economic profit? A) $5,000 B) $25,000 C) $45,000 D) $75,000 E) $50,000
Real GDP per capita is real GDP divided by the number of workers in a country.
Answer the following statement true (T) or false (F)
The exchange rate last year was $1 = 1.1 euros. This year it is $1 = 0.95 euros. We can say that the value of the dollar
A. increased; causing net exports to decrease and aggregate demand to rise. B. increased; causing net exports to decrease and aggregate demand to fall. C. decreased, causing net exports to increase and aggregate demand to rise. D. decreased, causing net exports to decrease and aggregate demand to fall.