A firm facing a downward-sloping demand curve sells 50 units of output at $10 each. The firm's marginal revenue is
a. $500
b. more than $10 but less than $500
c. $10
d. less than $10
e. zero
D
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Refer to Figure 1-2. Calculate the area of the triangle A
A) $1.3 million B) $2.6 million C) $3.4 million D) $5.2 million
A regulated natural monopoly that must set price equal to average cost will
a. suffer an economic loss b. earn a net economic profit c. earn a normal profit d. earn so little that it will close in the long run e. earn no profits of any kind
The hypothesis that people believe the best indicator of the future is the recent past is known as:
a. rational expectations. b. adaptive expectations. c. lagged expectations. d. trend expectations.
Positive statements are descriptive, while normative statements are prescriptive
a. True b. False Indicate whether the statement is true or false