In the above figure for a monopolistically competitive firm, the total revenue at the profit-maximizing point is
A) $540.
B) $840.
C) $400.
D) $880.
B
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Trade restrictions like tariffs and quotas will
A) ensure that more dollars stay in the United States. B) protect American jobs and increase employment. C) reduce the value of goods and services that we will be able to produce and consume. D) make all Americans better off.
In the circular flow diagram, ________ supply the factors of production, and ________ goods and services
A) households; sell B) households; buy C) firms; sell D) firms; buy
Which of the following is an example of a good with a highly elastic supply curve?
a. luxury goods b. tropical vacations c. pizza d. sports vehicles
Professor Cowen's objection to fiscal policy spending by government is:
A. the government may rush to start stimulus spending and not spend money in the most effective way possible. B. the government may put too much thought into the spending projects and confuse stimulus spending with industrial policy. C. households and businesses might realize that the boost in spending is from the government and simply save the income they receive. D. the government may not have enough money available to do an appropriate amount of spending.