For a firm in a perfectly competitive industry, price equals marginal revenue.
Answer the following statement true (T) or false (F)
True
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All dose-response functions are
a. linear relationships d. horizontal relationships b. nonlinear relationships e. none of the above c. vertical relationship
Policies to increase the supply of money in the economy are primarily a concern of microeconomics
a. True b. False Indicate whether the statement is true or false
Suppose that installing an overhead pedestrian walkway would cost a college town $150,000 . The walkway is expected to reduce the risk of fatality by 3 percent, and the cost of a human life is estimated at $10 million. The town should
a. install the walkway because the estimated benefit is twice the cost. b. install the walkway because the estimated benefit equals the cost. c. not install the walkway, since the cost is twice the estimated benefit. d. install the walkway, since the cost of even a single life is too great not to take action.
When the U.S. price level increases, economists predict a:
A. decrease in expenditure. B. movement down along the aggregate demand curve. C. shift to the right of the aggregate demand curve. D. shift straight up of the aggregate demand curve.