Under perfect competition, a firm's:
a. demand curve and average revnenue curve are identical, but the marginal revenue curve is different.
b. demand curve is different, but the average revenue curve and the marginal revenue curve are identical.
c. demand curve, average revenue curve and marginal revenue curve are identical
d. none of these is true.
c
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When break-even investment is subtracted from investment per worker, the result is
A) the change in the capital-labor ratio. B) saving. C) the steady state. D) capital stock dilution.
What do the Monetarist and Keynesian economists claim was the main cause of the Great Depression?
(a) A contraction in supply (b) A downturn in demand (c) The falling federal deficit (d) All of the above
In economics, the concept that individuals are motivated by self-interest and respond predictably to opportunities for gain is known as
A) rational self-interest. B) altruism. C) sufficiency. D) empiricism.
If this is a closed economy, how many bushels of corn will be produced?
A. 600 million bushels B. 900 million bushels C. 300 million bushels D. 150 million bushels