A perfectly competitive firm's marginal revenue is
a. slightly higher than it's selling price.
b. slightly lower than it's selling price.
c. higher than selling price when reducing output, lower than selling price when increasing output.
d. exactly equal to selling price.
D
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What is the relationship between the gross domestic product of a country and its gross national product?
What will be an ideal response?
When measuring GDP,
A) the government sector is not included because it is the public sector not the private sector. B) the government sector is counted, and the value of the government sector in GDP is equal to its tax revenue. C) only the federal government's expenditure on goods and services are included. D) the expenditure on goods and services by all levels of government are included. E) the government sector is not counted because it does not produce goods and services.
The source of power for a labor union is its ability to
a. increase the supply of labor b. decrease the demand for capital c. increase the quantity supplied of labor d. decrease the quantity supplied of labor e. decrease the supply of labor
Researchers have found numerous significant relationships between final prices agreed upon by bargainers and their personal characteristics such as education, income, and age
Indicate whether the statement is true or false