Figure 17.1 depicts a firm's marginal revenue product curve. If the product price increases, the marginal revenue product curve:
A. shifts downward.
B. shifts upward.
C. remains the same.
D. None of these
Answer: B
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A pure monopoly will generate an economic profit whenever ________.
A. total revenue is greater than total cost B. price is greater than average variable cost C. total revenue is less than total cost D. total revenue is equal to total cost
The vertical distance of the shift in supply from a specific tax of t amount on producers will
A) equal t. B) be less than t. C) depend on the elasticity of supply. D) depend on the incidence of the tax.
In 1994, the state of California suffered a devastating earthquake. To help pay for the damages, the state raised its sales tax by one cent per dollar of expenditure on most consumer goods
This state sales tax is an example of what economists call: A) an ad valorem tax. B) a specific tax. C) a neutral tax. D) a negative tax. E) none of the above
A quota subscription is
A) the maximum amount of funds that can be drawn at the World Bank without a formal proposal. B) the maximum amount that a private investor can invest in foreign firms. C) a nation's account at the International Monetary Fund. D) when an investor sets limits on the proportion of their portfolio that will contain foreign investments.