To maximize sales revenue, an oligopolist will expand output until the marginal revenue curve cuts the horizontal axis
a. True
b. False
Indicate whether the statement is true or false
True
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Since a firm in perfect competition is a price taker, the demand curve for the firm's product is a horizontal line
a. True b. False Indicate whether the statement is true or false
In a country that has a population of 4 million people, the participation rate is 70% and the unemployment rate is 12%. The number of persons unemployed is:
(a) 2.8 million. (b) 1.8 million. (c) 236,000. (d) 336,000.
Saving endangered species
A) benefits all people in society without any trade-off. B) must involve the loss of another species. C) may involve a trade-off in terms of the loss of other economic activities. D) requires the government to list those species as common property.
Refer to the information provided in Figure 3.14 below to answer the question(s) that follow.
Figure 3.14Refer to Figure 3.14. If this market is unregulated and the price is currently $30, you would expect that the price of sunglasses would
A. rise to $90, so the firm could meet its excess demand. B. remain at $30, because firms would not want to increase the price. C. rise to $60, where quantity demanded equals quantity supplied. D. rise, but the new price is indeterminate from the information provided.