In perfect competition, price is greater than marginal revenue while in monopoly price is less than marginal revenue.
Answer the following statement true (T) or false (F)
False
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The downward sloping marginal revenue product of labor is
A) the firm's supply of labor. B) the firm's short-run demand for labor. C) the firm's marginal cost of labor. D) another term for the marginal revenue product of labor.
Which of the following abilities should an economic model possess?
a. It should lower the time cost of information collection. b. It should help individuals to discern the information that matters for a problem. c. It should be able to process both untrue or impossible to verify information as well as correct information in the data set. d. It should suggest accurate solutions for a problem.
Suppose there are two countries that are identical in every way with the following exception. Country A is pursuing a fixed exchange rate regime and country B is pursuing a flexible exchange rate regime. Suppose taxes are increased in both countries rises by the same amount. Given this information, we know that
A) the change in output in A will be greater than in B. B) the change in output in B will be greater than in A. C) the change in output will be the same in both countries. D) the relative output effects are ambiguous.
What are the five steps by which economists arrive at a useful economic model?
What will be an ideal response?