The total revenue curve of a perfectly competitive firm
a. is horizontal
b. is vertical
c. has a diminishing slope as output increases
d. has an increasing slope as output increases
e. has a constant slope as output increases
E
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If increasing the admission charge for National Parks increases the National Park Service's total revenue, then the demand for National Park visits is:
A. inelastic. B. elastic. C. perfectly elastic. D. a perfectly horizontal line.
The real interest rate can be expressed as the:
a. nominal interest rate minus the real interest rate. b. inflation rate minus the nominal interest rate. c. nominal interest rate minus the inflation rate. d. nominal interest rate plus the inflation rate.
Employers tailor compensation packages to attract employees who will give them a competitive edge in the market
Indicate whether the statement is true or false
A monopoly firm’s supply curve
A. has a supply curve identical to that for a perfectly competitive firm. B. is always equal to marginal cost. C. does not exist. D. is determined by market demand.