In the above figure, at the profit-maximizing rate of production for the perfectly competitive firm total revenue is
A) $100.
B) $70.
C) $30.
D) $130.
A
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A monopsony is
A) a market in which there is only one producer of a good or service. B) a market in which there is only one producer and one consumer of a good or service. C) a market in which there is only one buyer of a good or service. D) a temporary situation in labor markets when prices are adjusted through the use of collective bargaining.
Modern paper money is fiat money because it is backed only by the faith the holder has in the government that issued it
a. True b. False Indicate whether the statement is true or false
Budget projections for 2014-2020 indicate both higher levels of government spending and large budget deficits. According to the Keynesian view, this will lead to
a. an increase in aggregate supply during that decade. b. weak aggregate demand and a continuation of recessionary conditions. c. an increase in aggregate demand and real output. d. higher interest rates and taxes that will retard future growth.
In the short run, a firm 's output level is 10 units. Its total cost is $4000 and its average fixed cost is $100. What is this firm's average variable cost (AVC) of producing 10 units?
A) AVC = $250 B) AVC = $275 C) AVC = $300 D) AVC = $400