The table above gives the total revenue and total cost for a perfectly competitive firm producing chocolate chip cookies. If the firm increases its output from 2 pounds of cookies to 3 pounds, the marginal revenue is ________ per pound of cookies
A) $11
B) $15
C) $30
D) $45
B
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Fixed costs of entry create an advantage for potential entrants since incumbents have already made these expenditures while potential entrants can avoid these costs
Indicate whether the statement is true or false
The goals of rate regulation have included the prevention of
A) monopoly profits. B) oligopolistic pricing. C) marginal cost pricing. D) average cost pricing.
The most inclusive of all price indexes is
a. the GDP deflator b. the price level c. the CPI d. nominal index e. real index
Which of the following observations is true?
a. State governments are the shareholders of the Fed. b. The Fed chairman is appointed for a ten year term. c. FOMC decisions largely determine short-term interest rates. d. Member banks proportionately share all of Federal Reserve's profits.