Average revenue (AR) is equal to
a. total revenue/output.
b. total revenue minus total cost.
c. price per unit.
d. both total revenue/output and price per unit.
d. both total revenue/output and price per unit.
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Only realized capital gains are included in taxable income.
A. True B. False C. Uncertain
The government in Katrina’s country does little to enforce property rights. Which statement about this situation is most likely true?
a. The government is encouraging economic growth. b. People in Katrina’s country are saving most of their incomes. c. People in Katrina’s country are unwilling or unable to invest. d. The economy is growing too rapidly for the government to keep up.
Any activity designed to transfer income or wealth to a particular individual or firm at society's expense is called:
A. X-inefficiency. B. rent-seeking. C. price discrimination. D. patent protection.
Suppose that Figure 10.4 shows an industry's market demand, its marginal revenue, and the production costs of a representative firm. If the industry was perfectly competitive, a representative firm would charge a price of:
A. $35. B. $25. C. $20. D. $16.