Suppose a firm's total revenue is $100 when it sells 10 units, and $110 when it sells 11 units. The firm, therefore, is a(n):
A. oligopolist.
B. monopolistic competitor.
C. pure monopolist.
D. perfect competitor.
Answer: D
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If the price of peaches, a substitute for plums, increases the demand for plums will decrease
Indicate whether the statement is true or false
If Arthur has a comparative advantage in sewing and Susan has a comparative advantage in accounting, then
a. Arthur must have an absolute advantage in sewing b. Arthur must have an absolute advantage in accounting c. Susan must have an absolute advantage in sewing d. we cannot conclude anything about absolute advantage e. Susan must have an absolute advantage in accounting
Income tax payments
a. fall during periods of prosperity, thus reducing inflationary pressures b. fall during periods of prosperity, thus increasing inflationary pressures c. rise during periods of prosperity, thus reducing inflationary pressures d. fall during recessions, thus increasing the problem of unemployment e. rise during recessions, thus increasing the problem of unemployment
Cyclical unemployment is caused by
a. frictional and structural unemployment b. frictional but not structural unemployment c. structural but not frictional unemployment d. neither frictional nor structural unemployment