Which of the following is the formula for average revenue?
a. AR = TR - q
b. AR = TR ÷ q
c. AR = TR + q
d. AR = TR × q
b. AR = TR ÷ q
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Goods that are produced this year, stored in inventories, and then sold to consumers next year
A) count in this year's GDP. B) count in next year's GDP. C) count in both this year's and next year's GDP. D) are not counted as a part of GDP.
Assume that prices have risen in a given economy by an average of 5 percent over the last nine years. If consumers base their expectations about future price movements on that knowledge alone their forecasts rely on ________
A) reverse expectations B) adaptive expectations C) rational expectations D) monetary expectations
If a teachers' union negotiates the wage for all college professors, the market supply curve of college professors
a. is perfectly elastic everywhere b. is perfectly inelastic everywhere c. is horizontal and then it slopes upward d. is vertical and it slopes upward e. slopes upward and then becomes horizontal
With price leadership,
a. price equals marginal cost b. the industry output is generally greater than a competitive industry c. prices are set by explicit collusion d. firms price discriminate among different classes of customers e. there is no formal agreement regarding prices