Which of the following is the formula for marginal revenue?
a. MR = ?AR x ?q
b. MR = ?AR ÷ ?q
c. MR = ?TR ÷ ?q
d. MR = ?TR x ?q
c. MR = ?TR ÷ ?q
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Refer to Figure 22-4. The movement from A to B to C illustrates
A) an improvement in technology. B) diminishing returns to labor. C) a decline in capital per worker. D) diminishing returns to capital.
Which of the following statements about the perfect competitor is INCORRECT?
A) The perfectly competitive firm is always a price taker. B) The perfect competitor sells a homogeneous commodity. C) If an individual firm raises price, it will lose business. D) The products made by a perfectly competitive firm have no close substitutes.
A publisher is deciding whether or not to invest in a new printer. The printer would cost $900, and would increase the cash flows in year 1 by $500 and in year 3 by $800 . Cash flows do not change in year 2 . If the interest rate is 12%, what is the present value of the cash flows from the investment?
a. $155.59 b. $1015.85 c. $1076.56 d. $346.78
Moral hazard is illustrated by people who take greater risks after they purchase insurance
a. True b. False Indicate whether the statement is true or false