The relationship between the market price of a good and the quantity supplied of that good by a firm in the short run is the firm's:
A. short-run supply curve.
B. average cost schedule.
C. total revenue minus total cost schedule.
D. optimal production level.
Answer: A
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The darkened area in the figure above is the
A) deadweight loss. B) firm's economic loss. C) consumer surplus. D) firm's total cost. E) firm's total revenue.
A profit maximizing monopolist will hire labor up to the point where
A) marginal revenue product equals the price of the product. B) marginal revenue product is greater than the wage rate. C) marginal revenue product equals than the wage rate. D) marginal revenue product is less than the wage rate.
Use the following formula to answer the indicated question: Benefit amount = Maximum award - 0.6 (Wages in excess of ceiling) Raynoo is retired and earns $15,000 per year working part-time. She is entitled to a maximum Social Security retirement benefit of $14,000. Social Security regulations allow her to earn $9,000 and still get maximum benefits. Raynoo's total income, including Social Security benefits, is
A. $29,000. B. $14,000. C. $25,400. D. $15,000.
If a check was written on Bank A for $100 and Bank B presented the check to Bank A for payment, what will happen to the required reserves for each respective bank after payment is made?
A) Both banks will see a decrease in their required reserves. B) Bank A's required reserves increase; Bank B's decrease. C) Bank B's required reserves increase; Bank A's decrease. D) Both banks will see an increase in their required reserves.