In price-taker markets, individual firms have no control over price. Therefore, the firm's marginal revenue curve is
a. a downward-sloping curve.
b. indeterminate.
c. constant at the market price of the product.
d. precisely the same as the firm's total revenue curve.
C
You might also like to view...
Refer to the accompanying table. The total utility of consuming two dinners out per week is:Number of DinnersOut Per WeekTotal UtilityMarginal Utility1100 2 753235 4250
A. 75. B. 160. C. less than 100. D. 175.
An increase in the demand for gasoline today caused by concerns that gasoline prices will be higher tomorrow is most likely attributable to which demand shifter?
A) income B) consumer expectations C) consumer preferences D) prices of other goods
What determines the ability of these factors to shift the short-run aggregate supply curve, to shift the long-run aggregate supply curve, or to shift both curves?
a. whether or not the effects cause changes in the overall price level
b. whether the effects are temporary or permanent
c. whether or not producers are fooled by the misperception effect
d. whether the effects are positive or negative
The value of the vertical intercept is $150 and the slope is ?25 in a linear equation for price and quantity demanded. If price is $5.00, what is the quantity demanded? State the linear equation and show how you found the answer
Please provide the best answer for the statement.