The change in total revenue obtained by selling an additional unit of output is
a. average revenue
b. business revenue
c. marginal revenue
d. overhead revenue
e. profit margin
C
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Define the production function. Discuss why the production function exhibits diminishing returns
What will be an ideal response?
Which statement is true?
A. The federal government never intervened in our economy until the 1930s. B. Federal government intervention in our economy has grown steadily since the time of the Civil War. C. The federal government has intervened in our economy from time to time throughout our history. D. None of these statements are true.
If an increase in price from $1 to $2 per unit leads to an increase in quantity supplied from 20 to 100 units, then the value of price elasticity of supply is
a. 0.38 b. 2 c. 2.67 d. 4 e. 8
Game theory is not useful in understanding perfect competition because in a perfectly competitive market:
A. there are too many firms to be able to model their behavior accurately using game theory. B. the payoffs to firms' choices are unknown. C. each firm only cares about its own profit, so there is no interdependence. D. no single firm can influence the market price, so firms' decisions are not interdependent.