Which of the following is NOT true for a perfectly competitive firm?
A. P = MR
B. P = AR
C. MR = TR
D. AR = MR
Answer: C
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In the above figure, Reggie's budget line rotates outward from BL1 to BL2. He initially consumes at point A. If his new consumption bundle is at point C, this implies that his demand curve for kiwi fruit
A) has shifted. B) is a vertical line. C) slopes downward. D) is a horizontal line.
The Convertibility Law of April 1991 in Argentina
A) pegged the Argentinean currency to the US dollar at a ratio of one to one. B) pegged the Argentinean currency to the US dollar at a ratio of one to two. C) pegged the Argentinean currency to the US dollar at a ratio of one to 0.5. D) represents an era of floating exchange rate in Argentina. E) pegged the Argentinean currency to the British pound at a ratio of one to one.
The January effect refers to the fact that
A) most stock market crashes have occurred in January. B) stock prices tend to fall in January. C) stock prices have historically experienced abnormal price increases in January. D) the football team winning the Super Bowl accurately predicts the behavior of the stock market for the next year.
At what price level does equilibrium occur in Figure 8.4?
A. P1. B. P2. C. P3. D. P4.