The relationship between the price that a perfectly competitive firm can charge buyers and the firm's marginal revenue is that the price is ________ marginal revenue over all output.
A. below
B. equal to
C. above
D. sometimes above and sometimes below
Answer: B
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Laura can type a manuscript in two hours and her opportunity cost of one hour is $25. Spencer can type the same manuscript in one hour and his opportunity cost of one hour is $40. If Laura is charged with typing the manuscript, can both be made better off if Laura pays Spencer to type the manuscript instead? Explain.
What will be an ideal response?
If a market is contestable, how does the equilibrium differ from that of a monopoly?
What will be an ideal response?
Inflation is the hardest on those living on fixed incomes
a. True b. False Indicate whether the statement is true or false
The chairman of the Federal Reserve:
A. is one of the most important economic positions in the United States, if not the world. B. has significant direct control over the conduct of monetary policy by the central bank. C. is appointed by the President and confirmed by Senate for a four-year term. D. All of these are true.