Assume that a firm's marginal revenue curve intersects the rising portion of its marginal cost curve at 500 units of output. At this output level, a profit-maximizing firm's total cost of production is $1,000 . If the price of the product is $5 per unit, the total revenue earned by the firm will be:
a. $1,500.
b. $250.
c. $500.
d. $2,500.
e. $1,000.
d
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What will be an ideal response?
If Y is income, E is actual expenditure, Ep is planned expenditure, and Iu is unintended inventory investment, then
A) Y = E + Iu. B) Iu = Y - E. C) Y = Ep + Iu. D) none of the above.
The number of countries belonging to the World Trade Organization (WTO) currently (2013) is about
A. 159. B. 105. C. 128. D. 222.
Competitive pricing has not developed in the health care industry due to the following factors, except:
A. The government bans competitive pricing in health care B. Consumers rarely shop around for health care providers C. Insurance covers most consumers' cost of health care D. Consumers are often wary of low prices in health care