The demand curve faced by a purely competitive firm:
A. Has unitary elasticity
B. Yields constant total revenues even when price changes
C. Is identical to the market demand curve
D. Is the same as its marginal revenue curve
D. Is the same as its marginal revenue curve
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Research conducted by Roland Fryer shows that the "blackness" of a mother's name plays a significant role in terms of the woman's overall life outcomes
Indicate whether the statement is true or false
Sarah spends $100 a year on magazines and ice cream. The table above shows her utility from each good. If the price of a magazine is $5 and the price of ice cream is $5 per gallon, how does Sarah spend the $100?
What will be an ideal response?
In a long-run monopolistically competitive equilibrium
A) P = ATC, and ATC is not at its minimum value. B) P = ATC, and ATC is at its minimum value. C) P > ATC, and ATC is at its minimum value. D) P > ATC, and ATC is not at its minimum value.
Suppose that the current equilibrium price of gasoline is $3.50 per gallon and that the government passes a law that requires the price to be no more than $3 per gallon. What will be the effects?
What will be an ideal response?