The slope of the total revenue curve equals
a. marginal revenue, which equals price for a perfectly competitive firm
b. marginal revenue, which is greater than price for a perfectly competitive firm
c. marginal revenue, which is less than price for a perfectly competitive firm
d. average revenue, which is greater than price for a perfectly competitive firm
e. average revenue, which is less than price for a perfectly competitive firm
A
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The GDP price index equals
i. nominal GDP divided by real GDP multiplied by 100. ii. a measure of the price level. iii. an average of current prices expressed as a percentage of base-year prices. A) i, ii, and iii B) iii only C) ii and iii D) i only E) i and ii
Providing housing decreases the incentive for the poor to find their own.
A. True B. False C. Uncertain
The slope of an indifference curve reveals:
A) that preferences are complete. B) the marginal rate of substitution of one good for another good. C) the ratio of market prices. D) that preferences are transitive. E) none of the above
We expect the price elasticity of supply to be
A) negative. B) positive. C) between -1 and +1. D) zero.