A firm sells 100 units of output and its total revenue is $800 . The firm's average revenue amounts to __________
Fill in the blank(s) with correct word
$8
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The median voter theorem is more likely to hold true in elections with a large number of candidates
Indicate whether the statement is true or false
As long as it does not shut down, a profit-maximizing perfectly competitive firm will
A) always earn an economic profit. B) produce so that marginal revenue equals marginal cost. C) produce so that price equals average cost. D) never set its price equal to its marginal revenue.
In the following situation the tax system is Taxable income $1,000 $3,000 $9,000 $27,000 Taxes $100 $200 $400 $800
a. progressive through all levels of income b. proportional throughout all levels of income c. regressive throughout all levels of income d. based on the benefits-received principle e. there is insufficient information to answer the question
Excess capacity typically occurs
a. in the short run in perfect competition b. in the short run in monopolistic competition c. in long-run equilibrium in perfect competition d. in long-run equilibrium in monopolistic competition e. usually in markets experiencing an increase in demand