Complete the following table
Energy Drinks Consumed per Week Price (P) Total Revenue (TR) Average Revenue (AR) Marginal Revenue (MR)
0 $6.00
1 5.50
2 5.00
3 4.50
4 4.00
5 3.50
6 3.00
7 2.50
8 2.00
Energy Drinks Consumed per Week Price (P) Total Revenue (TR) Average Revenue (AR) Marginal Revenue (MR)
0 $6.00 $0.00 --- ---
1 5.50 5.50 $5.50 $5.50
2 5.00 10.00 5.00 4.50
3 4.50 13.50 4.50 3.50
4 4.00 16.00 4.00 2.50
5 3.50 17.50 3.50 1.50
6 3.00 18.00 3.00 0.50
7 2.50 17.50 2.50 -0.50
8 2.00 16.00 2.00 -1.50
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Political candidates tend to be very similar in a representative democracy because _____
a. most candidates are wealthy b. the average voter demands conformity c. of cyclical majorities d. party platforms converge toward the median voter
Which of the following statements is not true?
a. Assuming a perfectly competitive labor market, a firm selling in a monopolistic product market will have a lower marginal revenue product curve than a firm in a perfectly competitive product market. b. The intersection of market-labor supply with market-labor demand establishes equilibrium in a perfectly competitive labor market. c. In monopsonistic labor markets, an individual firm faces a positively sloped labor-supply curve. d. In a perfectly competitive labor market, an individual firm can hire as many workers as it needs at the equilibrium wage rate e. In a monopsonistic labor market, marginal revenue product is equal to the value of marginal product.
If the U.S. government increased its deficit, then
a. U.S. bonds would pay higher interest but a dollar would purchase fewer foreign goods. b. U.S. bonds would pay higher interest and a dollar would purchase more foreign goods. c. U.S. bonds would pay lower interest and a dollar would purchase fewer foreign goods. d. U.S. bonds would pay lower interest but a dollar would purchase more foreign goods.
Direct regulation means that government sets specific limits on the use of scarce resources.
Answer the following statement true (T) or false (F)