For a competitive firm,
a. total revenue equals average revenue.
b. total revenue equals marginal revenue.
c. total cost equals marginal revenue.
d. average revenue equals marginal revenue.
d
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Marginal revenue of nth unit of output is:
a. total revenue of (n+1)th unit minus total revenue of nth unit. b. total revenue of nth unit minus total revenue of (n-1)th unit. c. total revenue of (n+1)th unit minus total revenue of (n-1)th unit. d. the sum of total revenue of (n+1)th unit and nth unit. e. the sum of total revenue of (n+1)th unit and (n-1)th unit.
When there is an inflationary gap: a. Employment exceeds full employment
b. Employment equals full employment. c. Employment is less than full employment. d. Any of the above is possible.
Suppose China can produce 200 TVs or 200 DVD players. South Korea can produce either 100 TVs or 200 DVD players. In terms of TV production, we can conclude that
A. China has an absolute advantage in TV production. B. China has a comparative advantage in TV production. C. South Korea has a comparative advantage in TV production. D. South Korea has an absolute advantage in TV production.
Why are government welfare programs often called entitlement programs?
A. Because every U.S. citizen, regardless of income, is entitled to receive benefits under these programs. B. Because everyone living in the U.S., whether the person is a citizen or not, is entitled to a minimum level of income. C. Because those who fail a means test are eligible for cash assistance but not in-kind transfers. D. Because people whose income is below a certain level are entitled to government assistance.