A perfectly competitive firm has a random demand with a 20 percent chance of being $10, a 20 percent chance of $16, and a 60 percent chance of being $20. What is the firm's expected marginal revenue?
A) $16.00 B) $16.40 C) $17.20 D) $15.20
C) $17.20
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Which of the following is the BEST example of a public good?
A) public transportation by bus B) clean air C) community swimming pools for which the user must pay a fee D) postal services
What does the term "marginal change" mean?
Which of the following statements is true?
A. Taxing the wealthy will lead to a more efficient economy. B. Taxing the poor will lead to a more equal distribution of income. C. A basic trade-off exists between the goals of equity and efficiency for a society. D. The forces of supply and demand will automatically lead to an equitable distribution of income.
The euro, as a common currency, was in use in the financial market only between ________.
A. 2000 and 2010 B. 2000 and 2005 C. 1999 and 2010 D. 1999 and 2001