What is the shape of the total revenue curve derived from a horizontal demand curve?
A) Horizontal
B) Vertical
C) U-shaped
D) Upward sloping, with a positive slope
D
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The average total cost curves for Plant 1, ATC0, and Plant 2, ATC1, are shown in the figure above. The long-run average cost curve goes through points
A) C, D, G. B) A, C, E. C) A, B, D, G. D) A, B, D, E, F.
Suppose the MRP of the 49th worker at a firm is $25 and that the market wage rate is $15. We know that if this firm operates in perfectly competitive product and labor markets
A) the firm is paying wages above the minimum wages. B) the firm's profits would increase if it fired some workers. C) the firm would be more profitable if it hired more workers. D) the firm should use more capital.
There are one-half million grain farmers in the country producing corn. The best model to analyze this market is
A. oligopoly. B. perfect competition. C. monopolistic competition. D. monopoly.
GDP handles household production by
A) estimating a dollar value of the goods purchased to do housework. B) ignoring it. C) including it in real GDP but not in nominal GDP because there are no prices paid for the work. D) estimating a dollar value of the services provided. E) including it in exactly the same way that all other production is included.