________ is ?TR/?q.
A. Average revenue
B. Economic profit
C. Marginal cost
D. Marginal revenue
Answer: D
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In the figure above, curve A is the ________ curve
A) average fixed cost B) average variable cost C) average total cost D) marginal cost
Suppose the plant owners design an incentive scheme for the plant manager in which the feasible production level is set equal to output from the previous quarter. The bonus payment is determined by the formula B = 0.2Qf + 0.2(Q - Qf)
What potential problems can arise with this scheme? A) If Qf is unusually large, then the manager has little incentive to work hard during the following quarter because Q will likely fall back below Qf. B) If Qf is unusually small, then the manager will receive a small bonus regardless of their efforts during the current quarter. C) The manager has an incentive to underperform and generate a small Q during the current quarter in order to provide a smaller benchmark for performance in the next quarter. D) The incentive scheme only depends on current output and does not measure performance relative to feasible production.
The game in the figure shown is a version of:
A. a sequential game.
B. a simultaneous game.
C. a cooperative game.
D. an ultimatum.
A profit-maximizing firm in monopolistic competition should shut down in the short run
a. if marginal revenue is less than price b. if price is always less than average total cost c. if price is always less than average fixed cost d. if price is always less than average variable cost e. under no circumstances