In a perfectly competitive market, if the price of apples per bushel is $7, what is the marginal revenue?
a. $1
b. $4
c. $7
d. $10
c. $7
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Refer to the table above. Suppose that in normal years demand is represented by Case 2 and supply is represented by Case B. If it is discovered that wapanzo beans help prevent cancer, then supply will ________ and demand will ________
A) become case C; become case 1 B) become case C; stay at case 2 C) stay at case B; become case 1 D) become case A; become case 1
According to the article "Why Gold?', silver may be used as money. One problem with using silver as money is that
a. silver is too abundant. b. silver tarnishes over time. c. it is not a precious metal. d. it has a high melting point.
Which of the following industrial countries experienced a relatively slower growth of real GDP in the latter half of the 1990s?
a. Canada b. United States c. Italy d. France e. Japan
When does the marginal rate of substitution (MRS) in an indifference curve equal the ratio of marginal utilities in marginal-utility analysis? Explain
Please provide the best answer for the statement.